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Motor Insurance Premiums to rise… surely not?

By February 28, 2017January 29th, 2021For Business

Young people could be priced out of owning a car after insurers warned their annual premiums could rise by up to £1,000.

Drivers aged over 65 could also face an extra £300 charge, while the average comprehensive motor insurance policy could increase by up to £75 a year to cope with changes the Government has made to personal injury payouts.

The current Ministry of Justice and Small Claim and Whiplash consultations of late indicate motorists could save an average of £40 per year should the reforms take place.It now appears, however, that actually no saving will be passed to the consumer at all, in fact a step hike in insurance premiums by up to £1,000 in particular for the young motorist is possible.Although nothing is set in stone yet, it is clear even with the Whiplash and Small Claim reforms there may still be no genuine saving to the consumer once again raising further questions as to the need of the reforms in the first place.

Nick Johnson

Author Nick Johnson

Nick is the managing partner here at Glaisyers. Nick promotes a philosophy where all who work for the firm go the extra mile and are open, honest, caring and down-to-earth. Nick is also head of the commercial litigation team.

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