Premium news
05/09/2008
Cheap car insurance adversely affected by compensation culture
Personal injury claims are the reason it is hard to find cheap car insurance deals, the ABI has said.
According to the Association of British Insurers, who represent firms selling 94% of UK insurance products, Britain's "compensation culture" is to blame for the general rise in car insurance premiums.
The accusation has come after recent figures form Sainsbury's revealed the average motor premium rose from £486 to £512 over the last year.
Malcolm Tarling, spokesperson for the ABI, said: "Premiums reflect claims and the main driver for motor insurance premiums in recent years has been the increase in the cost of personal injury awards, which have been rising significantly."
However, he added that cheap car insurance deals are out there for those drivers prepared to hunt around; as car insurance remains a very competitive industry despite the rising cost of claims.
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