Motorists warned to expect insurance premium hike
If vehicle insurance wasn’t high enough already, motorists have been warned to brace themselves for another hefty hike in premiums.
The warning comes after a new report uncovered a shocking 18 per cent rise in personal injury claims, despite the fact that the number of accidents dropped by 11 per cent!
The report – conducted by the Institute And Faculty Of Actuaries – described the increase in personal injury claims as “staggering” and estimates that it is costing the industry an additional £400 million which will inevitably find its way into next year’s premiums!
The report highlighted a number of ‘claims hotspots’ which tended to correlate with locations where claims management companies are situated, such as Liverpool, Sunderland, Wigan, Oldham and Manchester.
In fact, the number of drivers claiming to be injured of suffering from whiplash in these areas is even outstripping those in areas of litigation-crazy America!
Actuaries’ chairman, David Brown, said: “The increase in costs to insurers is likely to result in a rise in motor insurance premiums for drivers.
“The clear correlation between claims management office locations and the ‘hotspots’ for bodily injury claims suggests the two are interlinked. We expect to see legislation coming soon which will affect the way these companies do business.”
Earlier this year, MPs on the Transport Committee blamed rising costs on a surge in dubious whiplash claims.
They recommended that whiplash claimants should be forced to justify their claims and that the whole insurance industry stop its “sharp practices” – such as selling information about customers’ accidents to solicitors and claims management firms.
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