Motor insurance rises for every age group except under-21s
- Between 2015 and 2016 all age groups, except those aged under 21, faced increases in their average premium for comprehensive coverÂ
- Those in their 50s and 80s have seen the highest annual rises
- Further increases are likely from now until January, as insurers try to reinsure against large risks, such as catastrophic personal injury claims
Drivers in almost every age group are paying record amounts for their car insurance and could face even more increases, the Association of British Insurers is warning.
Between 2015 and 2016 all age groups, except those aged under 21, faced increases in their average premium for comprehensive cover.
Those in their 50s and 80s have seen the highest annual rises.
Between 2015 and 2016 all age groups, except those aged under 21, faced increases in their average premium for comprehensive cover
For 51 to 55 year olds the typical premium is £339, which is a £30 rise, or 9.6 per cent increase.
Those aged 56 to 60 pay £311, or £34 more. That is a 12 per cent rise.Â
Pensioners aged 76 to 80 pay £320, or £23 more. While those in the 81 to 85 group pay £398, or about £29 more.Â
This contrasts with 18 to 20-year-old motorists who pay a hefty £973 but have seen an average annual reduction of £24.
Further increases are likely from now until January, as insurers try to reinsure against large risks, such as catastrophic personal injury claims
They are increasingly signing up to telematics policies using ‘black box’ technology to keep lower premiums.
Further increases are likely from now until January, as insurers try to reinsure against large risks, such as catastrophic personal injury claims.Â
The ABI says the Government’s decision to cut the personal injury discount rate ‘massively increases claims costs’ and ‘will inevitably lead to higher premiums’.
The rate helps set compensation payouts when people suffer serious injuries.Â
When victims accept lump sum compensation, the rate is applied when calculating the payout, to take into account the potential returns that they could expect from their money over time from investing the cash. Â
0 Response to "Motor insurance rises for every age group except under-21s"
Posting Komentar