Motor insurance premiums are rising sharply even as claims and awards from motor accident claims decline significantly. Claims have decreased by 30% over six years, and award values are down 41% due to judges setting lower payout guidelines. The average motor insurance cost has reached â¬616, having increased for 20 consecutive months. The Injuries Resolution Board underscores that it avoided over â¬284 million in legal fees by resolving claims outside court. Significantly, psychiatric damage claims are becoming more prevalent, contributing to rising median awards.
Motor liability claims were 30pc lower in 2023 compared to 2019. Despite lower awards and claim volumes, premiums are rising.
The average cost of motor insurance is now â¬616, marking a â¬67 increase since 2022, with a continuous rise observed for 20 months.
Collection
[
|
...
]