The unfortunate incident at the Echo Arena car park in Liverpool had destroyed up to 1,400 vehicles which had caused many people to be temporarily stranded.
The Association of British Insurers (ABI) had made an estimate that the fire is likely to have caused damages in claims worth £20 million being paid out to insurance customers. Insurance companies have already begun making payments to some of the hundreds of people that had lost their vehicle due to the fire on New Year’s Eve. There were also a number of insurance companies that opened emergency claims line on New Year’s Day and they were also bringing in extra staff in order to deal with the claims as quickly as possible.
Insurance customers have also been making claims for the value of their belongings which were caught in the fire inside their vehicles. For customers that had other transport costs, they are able to get their money back if they had the appropriate cover.
In 2016, the motor insurance industry paid out £33 million in claims every day. However, it was unusual to have such a large number of vehicles damaged or destroyed at the same time and location.
About the Author
Stuart Mosely (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.