Car owners in Britain are paying extra cost every year because of the high cost involved in settling the claims when any mishap occurs. As per The Association of British Insurers every person who has a car insurance is paying £40 extra for car insurance.
The study done by the association on 50,000 personal injury claims showed that on an average £2,100 are paid extra as legal charges on a payout of £2,430. This clearly shows that a minimum of 10% of the car insurance premium goes towards the legal work.
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The association has taken into account that because of the delay in the settlement of claims such things happen. Ultimately, the claimants are at loss, as they have to pay high premiums and the fee of the lawyers that keeps on piling up. For a compensation of £2,000 the claimants pay £5,000. This happens because of the delay that happens in settlement of claims. There are people who get injured because of the faults of others and they need to get justice in time as well as the compensation amount.
The Association of British Insurers has designed a new method top make sure that the claim settlement is fair and done quickly. This will be applicable to the cases that have compensation claims of up to £10,000, this amount accounts for 75% of the total injury claims cases as per the government.
The rising number of accidents has led to the increase in the premium rates and the young drivers are hardest hit by this.
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