Average motor insurance premiums online in the UK 2018-2024

One of the perceived future benefits of buying insurance online, other than more individualized policies, faster processing and risk assessment and a better overall customer experience is that, with the use of digital data, average premiums for individuals will fall. One way in which insurtech companies are looking to improve on mitigating risks and enhancing customer experience in the motor insurance industry is through telematics. Telematics is an offset of information technology that deals with the transmission of digital computerized information.

Already, motor insurance is becoming less about customer demographics but by individual behavior, using real time data collected from your vehicle. Where and when you drive, what the traffic is like where you drive, how fast and often you drive are some of the data points that can determine how much you will pay for car insurance in the near future. Statista estimates that the overall average cost of online premiums for motor insurance will decrease between 2018 and 2024.

To learn more about the future of the B2C digital insurance industry in the UK, read our in-depth report.