Confusing technology terms are being explained through a new data tool for insurers and developed by Thatcham Research. The lack of data regarding the varying features of newer vehicle models can fundamentally affect an insurer’s understanding of vehicle risk and there are up to 50,000 possible variants recorded on cars since 2015. Many insurers struggle to identify features that have become … [Read more...]
EC give red light to green cards
Holidaymakers and hauliers can use their existing motor insurance when travelling across Europe. The EC has waived the need to apply for a green-card from their insurer which was thought to be required after Brexit. But the documentation will no longer be needed and proof of insurance by the UK policy note will be sufficient. Huw Evans, Director General at the Association of British Insurers … [Read more...]
Premiums remain at four-years low
The average price that motorists are paying for their motor insurance continues to remain at a four year low according to the ABI’s latest Motor Insurance Premium Tracker. The ABI’s Tracker is the only survey that looks at the price consumers pay for their cover, rather than the price they are quoted. The average price paid for comprehensive motor insurance in the third quarter of 2020 was £460 … [Read more...]
Claims collapse but will savings be passed on?
As expected, the number of motor insurance claims notified to insurers in the second quarter of the year significantly fell according to figures from the Association of British Insurers. The fall largely reflected the lockdown period, when far fewer vehicle journeys were made. Claim payouts during the period while also down, fell at a lower rate. The figures come as the average price … [Read more...]
Insurance fraud is found every minute in UK
Every minute in Britain an insurance fraud is detected, according to industry figures. Over 562,000 insurance frauds were uncovered last year, said the Association of British Insurers. About 113,000 were dishonest claims, valued at £1.3bn and while the number of dishonest claims fell 8%, the value of those claims rose 1%. Organised frauds such as staged "crash for cash" motor accidents … [Read more...]
Motorists facing higher compensation premiums
Average car insurance premiums could increase by up to £75 a year as a result of a government ruling, industry experts have said. A new formula for calculating compensation payments for those who suffer long-term injuries has been announced by the Ministry of Justice, but the Association of British Insurers (ABI) called the decision "crazy". The Ministry of Justice said it had no choice … [Read more...]