Motor Insurance Pemiums

BethanyD

Hi

Just read the following on a legal website - cannot believe that insurance companies are getting away with charging us more for car insurance:-

"A leading claimant firm says insurers’ own figures prove they have saved a huge sum in claims costs this decade.
Figures obtained by national firm Thompsons Solicitors from the Association of British Insurers appear to show that car insurance claims costs paid out by motor insurers in 2015 totalled £5.8bn – down from £8.3bn in 2010".

We should start a campaign about this!!!:mad:

neilmcl

You do that.

Car_54

BethanyD wrote: »

Hi

Just read the following on a legal website - cannot believe that insurance companies are getting away with charging us more for car insurance:-

"A leading claimant firm says insurers’ own figures prove they have saved a huge sum in claims costs this decade.
Figures obtained by national firm Thompsons Solicitors from the Association of British Insurers appear to show that car insurance claims costs paid out by motor insurers in 2015 totalled £5.8bn – down from £8.3bn in 2010".

We should start a campaign about this!!!:mad:

That quote is one-sided - it only looks at claims. For much of the period in question premiums fell, e.g. by more than 30% between 2011 and 2014.

So the insurers costs may have fallen, but so did their income.

See https://www.confused.com/car-insurance/price-index#

forgotmyname

Income fell and wages increased. Expect more premium increases?