Car insurance premiums are heading towards an average of £900 per year due to a number of factors including the rise in insurance premium tax (now at 12%), the increasing cost of car repairs in today's high tech vehicles and Brexit - according to a report in The Times of 22 January 2018.
This somewhat undermines the insurance industry's ongoing campaign against accident victims and their assertion that insurance premium hikes are solely due to the alleged increasing number of claims - a fact long disputed by solicitors acting for injury victims.
Although personal injury costs have been reformed downwards three times since 2010, insurance premiums continue to rise.
Commenting on the report Steve Green, Head of Personal Injury at Fosters Solicitors, said "Despite the Government's proposals to further reform personal injury law so that anyone suffering an injury worth less than £5,000 will be left to fight their own case or pay their own costs, the insurance companies continue to allege that the rising costs of premiums are due to accident victims. This, despite all the evidence, that the number of claims has actually fallen and, as the report in The Times makes clear, car repair costs are rising and £1 in £8 of premiums are now in fact insurance premium tax."
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