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Motor insurance premiums up by 40 per cent in a year
Drivers are now paying an average of £892.08 to insure their car compared with £633.55 12 months ago, according to an analysis of more than 2,500 premiums. It is claimed for every £1 paid in compensation an additional 87p is paid in lawyers' fees.
The study, which examined quotes from around 50 different insurance providers, laid bare the cost faced by the industry and ultimately motorists.
“The record rises in fuel costs coupled with spiralling car insurance premiums is disappointing news and is making driving unaffordable for many, especially cash-strapped young drivers,” said Simon Douglas, director of AA insurance.
This is the third year in succession that premiums have risen by more than 30 per cent, with the industry pinning much of the blame on settling personal injury claims following road accidents.
They now account for 50 per cent of the cost of insurance claims, compared 20 per cent 2 decades ago.