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Personal Injury Claims Sky Rocket Car Insurance

Personal Injury Claims Sky Rocket InsuranceA fresh wave of claims is causing motor insurance prices to inflate due to an increase of whiplash injury compensation according to the ABI (Association of British Insurers).

In the second quarter of 2015 (April - June) motorists paid on average 2% more for their comprehensive car insurance policy when compared with the previous quarter.

The amount of personal injury claims related to road traffic accidents are 12% higher for the fiscal year ending April 2015 compared with the previous 12 months. Motorists had previously seen falling insurance costs as competitors waged a price war to be the cheapest comprehensive policy cover on the market.

Due to the claims flooding in, it is not financially viable for the insurance companies to keep dropping prices, and instead have to inflate prices due to the extra claims to cover their costs.

In our previous blog we advised that the AA have recently warned the days of cheap car insurance are over and further rises are inevitable. This is in addition to the insurance tax levy that was increased by Gorge Osborne in last months budget. These extra costs are being passed onto the consumer.

From November this year, insurance premium tax will be increased from 6% to 9.5% thanks to the summer budget.

James Savery, 03 August 2015

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