Motor insurance premiums are rising sharply
On Tuesday 9 November 2010, the House of Commons transport committee is to ask the insurance companies why insurance premiums are rising.
The media reported premiums have risen 51% in the past 12 months. This is the biggest increase since records have been kept in 1994. The effect depends on your risk profile, the greatest rise being in premiums for young males. Ian Crowder of the AA is reported to say “For every £100 taken in premium over the past year, £123 has been paid out in claims.”
There is a war of words and statistics raging at the moment. The Government is soon to make up its mind how it feels about compensation, insurance companies, their premiums, and the fees of personal injury lawyers.
My position on any such debate is you must tell the whole story. Lobbying on the basis of sound bites does not allow a true understanding, and will not produce the right balance. Let me explain the whole picture for you. Continue reading “Motor insurance premiums rising”