Car insurance premium increases: all for profit?

October 19, 2016 | 5years | Insurance News

Insurance premiums are rising even though the cost of claims has fallen, law firm claims.

A law firm has accused car insurers of profiteering.

Earlier this week, the Association of British Insurers (ABI) released five ways it wants the Government to help cut car insurance premiums.

The suggestions include increased training for young drivers, safer cars, a freeze on Insurance Premium Tax (IPT), reforms to stop ‘frivolous’ personal injury claims and taking steps to tackle insurance fraud.

“Every motorist wants competitively priced insurance that meets their needs,” says James Dalton, ABI’s Director of General Insurance Policy.

“Consumers benefit from a very competitive insurance market, but insurers are facing the perfect storm of rising costs from personal injury claims, repair bills and Insurance Premium Tax.”

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