Record Amount Paid Out By Motor Insurers

Posted on November 20, 2018 by WebTeam

Motorists may be interested to read that, according to statistics collated by the Association of British Insurers (ABI), a record amount is being paid out by motor insurance companies this year to meet claims made by policyholders. In excess of £23 million is paid out on a daily basis by insurers. We are sure that you will agree that is a considerable amount of money.

It is interesting to find out that the cost of repairing vehicles has risen with more being charged by car body repair outlets here in the UK. Also, it is interesting to hear that the amount being claimed for the theft of vehicles has gone up by around 33%.

In the first three quarters of 2018, the amount paid out by motor insurers totalled £6.4 billion for claims made by private motorists. This is an increase of 4% when comparing the first nine months of 2017.

Claims paid out in respect of the theft of motor vehicles amounted to £271 million in the first nine months of this year with this being a rise of 32% when compared with the same period in 2017. There was also a big rise in the number of theft claims that were paid out by insurers in the first nine months of 2018 – 41,000. This is an increase of 11%. We are sure that you will agree, this is a concerning figure and will no doubt have increased the workload for our hard pressed police forces around the UK.

In the first nine months of 2018, repair bills on motor vehicles totalled £3 billion with this being an increase of 5% when compared with the same period in 2017. You may find it interesting to read that the average amount paid out for a repair to a motor vehicle amounted to £2,137 in the first nine months of 2018.

Motorists will no doubt be pleased to read that the amount paid out in respect of motor insurance claims in the first nine months of 2018 has gone up. It is to be hoped that this continues to be the case.

Whilst the amount paid out for motor insurance claims in the first nine months of 2018 has increased when compared with the same period last year it is also pleasing to hear that average motor insurance premiums have, in recent months, been falling.