Cable Forum - Car insurance premiums set to rise

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Osem	27-02-2017 17:56

Car insurance premiums set to rise

Quote:

Average car insurance premiums could increase by up to £75 a year as a result of a government ruling, industry experts have said.
A new formula for calculating compensation payments for those who suffer long-term injuries has been announced by the Ministry of Justice.
But the Association of British Insurers (ABI) called the decision "crazy".
The Ministry of Justice said it had no choice under the current law, and said it would consult on possible changes.
Shares in insurance companies fell, with some saying that profits would be hit by millions of pounds.
The change is due to take effect from 20 March.

http://www.bbc.co.uk/news/business-39101829

Higher premiums will result in more uninsured drivers I'd have thought. Not exactly what anyone ought to want.

Taf	27-02-2017 18:13

Re: Car insurance premiums set to rise

"Premiums will drop as women treated the same as men".

"Premiums will drop due to policing of the compensation culture"

And so they go up... because of the government......

Damien

27-02-2017 18:16

Re: Car insurance premiums set to rise

Govt also raised insurance tax in the last budget IIRC.

Osem	27-02-2017 18:38

Re: Car insurance premiums set to rise

Quote:

Originally Posted by Damien (Post 35887701)

Govt also raised insurance tax in the last budget IIRC.

If governments want to encourage people to take out insurance the last thing they should do is tax it. Levying extra tax is rarely an incentive to do something other than find ways to avoid it.

denphone

27-02-2017 18:45

Re: Car insurance premiums set to rise

Quote:

Originally Posted by Taf (Post 35887699)

"Premiums will drop as women treated the same as men".

"Premiums will drop due to policing of the compensation culture"

And so they go up... because of the government......

False promises as usual.:(

Damien

27-02-2017 19:41

Re: Car insurance premiums set to rise

Quote:

Originally Posted by Osem (Post 35887702)

If governments want to encourage people to take out insurance the last thing they should do is tax it. Levying extra tax is rarely an incentive to do something other than find ways to avoid it.

I agree but it's one of those stealth taxes the government can raise without too much notice.

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