Average cost of motor insurance driven down by £50 over two years

But downward trend in prices could be arrested by falling oil prices, which have led to increased car usage

The average motor insurance premium has fallen by almost £50 over the last two years, according to figures from the Association of British Insurers (ABI).

Its data showed the average price paid for comprehensive cover during 2014 was £360 – down from £374 in 2013, and £409 in 2012. However, during the final three months of last year the average crept up to £372, which the ABI said reflected that falling oil prices and other factors had increased car usage, in turn leading to more accidents and an increase in low-value insurance claims.

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