The cost of the average comprehensive car insurance policy has fallen to its lowest level since 2015, according to a report which cites the impact of coronavirus lockdowns on motoring.

An index, compiled by price comparison site Confused.com and insurance broker Willis Towers Watson, charted a 14% slump in premiums to £538 on an annual basis during the first three months of the year.

It equated, the report said, to a fall of £87 per policy since the COVID-19 crisis began.

There was a 7% drop during the first quarter of the year alone compared to the previous three months as lockdowns UK-wide took their toll on activity and accident rates plunged as a result.

Chief executive of Confused.com, Louise O’Shea, said: “The impact of fewer drivers on the roads has led to fewer claims, which have allowed shoppers to see some of the biggest savings on their car insurance in almost six years.

“The sensitivity of the current economic climate means that these savings couldn’t come at a better time.”

The survey showed that male and female drivers aged 71 or above benefited most from the price drop, compared with other age groups.

They witnessed a 9% quarterly price decrease, according to the index, taking their average annual premiums to £410 and £346 respectively.

Men aged between 21 and 30 experienced the smallest drop in prices of 5%.

It took their average annual premiums from £1165 to £1108 for those aged 21 to 25, and from £897 to £853 for those aged 26 to 30.

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