At the recent ABI’s Motor Conference, the resulting figures that’s been released last month shows that Motor insurance pay-outs this year has passed a record level with over £23 million being paid every day. In addition to this, own vehicle and third-party property damage, theft, also personal injury compensation are all covered by the pay-outs. The theft claims and surging repair bills are the primary driving forces behind the rise.
Furthermore, insurers are paying a total of £6.4 billion within the first nine months of the year, according to ABI’s recent motor claims data received from its members. The £6.4 billion are going to the private motorist and towards compensation to victims of motor crashes which results in over £23 million every day. During the same period last year it has gone up by 4%, which is the highest level since ABI began to collect data at the beginning of 2013.
Moreover, on the same period last year the cost of theft claims has soared by 32%, resulting at £271 million. Last year, the number of claims settled has risen by 11% which comes to 41,000, in part reflecting the widely reported growth In keyless vehicle crime. In addition to this, the repair bills have rose by 5% on the same period last year which is £3 billion this year. It currently £2,137 for the average repair bills with more advanced vehicle technology, like more sensors in bumpers and windscreens which will lead to a rise in repair costs.
The cost of theft claims, at £271 million, jumped by 32% on the same period last year. The number of claims settled, at 41,000, rose by 11% on last year in part reflecting the widely reported growth in keyless vehicle crime. Repair bills, which at £3 billion so far this year, have risen by 5% on the same period last year. The average repair bills this year currently stands at £2,137 with ever more sophisticated vehicle technology, such as more sensors in bumpers and windscreens, leading to a rise in repair costs.
About Stuart Mosley
Stuart Mosley (CeFA, CeMap, CLTM) founded SJ Financial Solutions in June 2005 having spent 12 years with big corporates such as Halifax and Santander. He felt the personal touch and straight speaking was missing from financial and mortgage advice services and set up SJ Financial Solutions to change this.
If you would like to book an appointment then please get in touch and we can arrange a suitable time to discuss further. We can arrange appointments at a place and time suitable to you, we can discuss your options over the phone or if you prefer email, then this is fine with us.