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Car Insurance Costs Are On The Up
As if the British public have not suffered enough in the credit crunch, we now learn that car insurance premiums are expected to soar by a record 20 per cent this year. The rising tide of of personal injury claims coupled with the increasing cost of fraud are fuelling increases for the Britain's 33 million motorists.
These rises could push the average premium for a motorist with a full no-claims bonus from around 400 to 480 pounds. Even the most conservative commentators estimate rises of at least of 10 per cent. The insurers warn that despite doing their best to hold down car insurance premiums there may be no alternative to this happening.
Speaking recently, a senior executive of a major UK brokerage group, said: 'My understanding is that car insurance premiums are 20 per cent lower than they should be. That means thay are seriously adrift. It is inevitable that within the next 12 months there will be a significant correction'. This will be a major blow to many motorists especially following on top of the increases we have seen in pertol and diesel.
The growing cost of insurance payouts - higher medical costs, higher repair costs, more no-win, no-fee claims pursued by 'ambulance chasing' lawyers - was fuelling dearer premiums. The Automobile Association has also warned of rises but put the figure nearer 10 or 11 per cent over the coming year.
Their spokesman said: "It is certain is that the average premium will rise, but the question is by how much? Some suggest a rise of 20 per cent over the next year and certainly, a rise of that magnitude will be required if the motor insurance industry is to achieve a profit on underwriting. At the moment, for every 100 pounds spent on premiums, insurers are paying out approximately 105 pounds."
Fraud costs have risen by about 17 per cent over the past year and that aspect alone costs around 30 pounds for every private car insurance policy in force. A further 30 pounds pays the costs of accidents involving uninsured drivers, although police are beginning to make inroads into that problem halting this blight on honest motorists. At least that is encouraging news.
Industry sources put the number of people that claimed for whiplash injury last year at 430,000. And the total compensation bill of 1.9 billion pounds is equivalent to about 66 pounds on every policy. Whiplash accounts for about 66 per cent of all personal injury claims in Britain - that is 40 per cent higher than the European average.
According to a survey of over 80 insurers, during the last year, the average 'shop-around' premium for a comprehensive policy has risen by 8.7 per cent to 486.45 pounds. But the car insurance market remains fiercely competitive. Online applications and price comparison sites have encouraged customers to shop around when their renewal date arrives and insurers are trying to keep premium increases as low as possible to avoid losing customers.
We can only repeat our the advice to shop around - get online and find an independent site which has access to virtually the entire insurance market. Then you can be as sure as you ever can, that you will get the right deal at the right price.
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