Car Insurance Costs Set to Soar
Thursday, January 8, 2009 3:25
Due to rising medical costs and the increasing number of “no win, no fee” claims firms, claims costs have increased steeply in recent years, particularly personal injury claims. As the financial turmoil bites, premiums have already been rising. According to AA Insurance, during the year to the end of September, the average cost of the most competitive comprehensive motor insurance premiums had risen by almost 8.7%.
With the cost of fraud and personal injury claims soaring, it is warned by the insurers and brokers that, this year, motorists will face double-digit increases in their car insurance premiums with insurers struggling. AA Insurance estimates a rise between 10~11% in the premiums during 2009, while some insurance companies claim that premiums could soar by as much as 20%.
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