You are here: Home - Insurance - News -

Insurers paying out record £23m to motorists every day

Written by:
Motor insurance pay-outs have reached a record high this year, with over £23m being paid every day, according to figures from the Association of British Insurers (ABI).

This is up 4% on the same period last year and is the highest level since the ABI started collecting data at the start of 2013.

The cost of theft claims has risen by a third this year so far compared with the same period in 2017, with the number of claims settled – 41,000 – rising by 11% on last year.

The ABI said more sophisticated vehicle technology, such as more sensors in bumpers and windscreens, has led to repair costs growing by 5% to reach £3bn so far this year.

Huw Evans, director general of the ABI, said: “Motor insurers are delivering when it matters, keeping Britain’s motorists on the road when things go wrong, and compensating those who suffer injury in road crashes.

“Despite rising claim costs, all drivers will appreciate the fact that the average price paid for motor insurance has been falling this year.”

According to the ABI, which has over 250 member companies including most household names and specialist providers, the average price for comprehensive motor insurance in the third quarter of this year was £471, down from £477 in the previous quarter.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week