Average Motor Insurance Claims Hit All Time High

Motorists may be interested to read that, according to the Association of British Insurers (ABI), the average amount of a claim on a motor insurance policy is now £3,106. This is the highest that it has ever been.

Why should this concern motorists? Well, there are a number of factors that affect how much you pay for your car insurance. One of those is the amount an insurance company has to pay out in respect of claims such as for damage to vehicles involved in a road traffic accident, the theft of vehicles and personal injury claims such as for whiplash injuries.

Another interesting piece of data produced by the ABI is that it is estimated that the average amount paid by motorists here in the UK to motor insurance companies is £31,650. We are sure that you will agree this is a huge sum of money. In fact, it is more than the average cost of a new car. When compared with 2014, this is 5% more and is a concerning increase.

We are sure motorists will agree that people are paying far too much for insuring their cars and anything that can be done to lower the cost would be welcomed. It was recently predicted by a well-known price comparison website that the average cost of a car insurance policy was forecast to exceed £900 per annum at some point in 2018.

We have mentioned it on more than one occasion in the past but motorists really should shop around to see if he or she can get a cheaper deal on their car insurance from another provider than they are currently paying with their existing motor insurer as there are so many companies trying to increase the level of new motor insurance business. This can be done by obtaining quotes through the likes of price comparison websites, high street banks and building societies, the Post Office and high street insurance brokers.