Hopes Rise as Car Insurance Falls
posted on Jun 22, 2018
The Good News: Car Insurance Rates have Dropped in the UK.
When Car insurance falls in the UK, everyone’s hopes rise. This, according to The Mirror is great news for citizens of England and Whales. The newspaper reported that average car insurance costs went down significantly, specifically by £13, “on the final quarter of 2017, as well as being the first quarterly fall in premiums in two years.” This is according to the Motor Insurance Premium Tracker and was put forward by the Association of British Insurers (ABI). Furthermore, it measures the actual amount that individuals pay rather than their car insurance quotes. They reported that the ABI claimed that this was perhaps due to the effects of the Civil Liability Bill. This, as well as “seasonal trends”.
The Bad News: Car Insurance Falls but It is Still Quite High (Especially for Men)
As stated, there was a significant drop in costs nearing the end of 2017. Although, the ABI reported that the costs at the beginning of this year were notably high. One of the stranger findings, of course, is that in general, men tend to pay higher car insurance. This is according to The Telegraph. The newspaper stated that this is still occurring even though there has been a ban on part of the EU. The ban prohibits insurers from evaluating potential car insurers based on their sex. Although insurers reported that this was due to the fact that in general men tend to have more legal issues concerning their driving, men also tend to drive cars of a higher monetary value.
Car Insurance and the Personal Injury Industry
It is generally understood that the lower insurance rates could be the result of the changes the Civil Liability Bill is currently undergoing. Read more Time to Debate the Civil Liability Bill. Rob Cummings, the ABI's assistant director, head of motor and liability, said: "While this small fall in the last few months gives some relief to motorists, it is in line with seasonal trends and the underlying cost pressures from things like personal injury claims remain."
It appears that there is indeed hope, and this time it is for those affected by personal injury. Insurance rates, generally speaking, takes accident claims rates into consideration. When insurance rates appear to decrease there is less pressure on motorists nationwide. For motorists going through accident claims, there could be a prospect of faster settlements as well as proper settlement values. We are sure that many personal injury solicitors will agree. Law firms and Solicitors in the UK are keeping their eyes on the upcoming changes in the Civil Liability Bill and the way it will affect the accident claims industry and purveyors of personal injury services at large. The hope is that if that rates and processes improve for victims of personal injury, it will for personal injury solicitors as well.