Home / car insurance / Tories signal screeching U-turn on car insurance shake-up just 24 hours after it was announced stat : Mirror Online

Tories signal screeching U-turn on car insurance shake-up just 24 hours after it was announced stat : Mirror Online

according to “It is important that going forward, personal injury discount rates are set at a level that is fair to both claimants and consumers.
Could not subscribe, try again later Invalid EmailThe Government signalled a screeching u-turn on changes to car insurance rules which could push up premiums for millions of drivers last night, just 24 hours after they were announced.
The Association of British Insurers branded the shake-up, which could wipe millions off the profits of the country’s largest insurance companies “crazy”.
But the ‘discount rate’ was set in 2001, when savings rates were much higher, so the Ministry of Justice decided to reduce the rate to account for this.
The change affects the ‘discount rate’, which reduces the payout to make up for extra money they could make by investing the lump sum over a long period of time.

Tories signal screeching U-turn on car insurance shake-up just 24 hours after it was announced

as declared in In an exclusive report published last summer, we revealed that Tesla started offering custom car insurance to its customers in Australia and Hong Kong.
I think we will find that insurance providers do adjust the insurance cost proportionate to the risk of a Tesla.”In Hong Kong, Tesla is partnering with AXA General Insurance for its new program called InsureMyTesla and in Australia, the automaker released its new plan with QBE Insurance.
At the time, the company didn’t want to comment on the new venture, but that changed yesterday during the earnings conference call.
CEO Elon Musk and President Jon McNeill confirmed that they plan to expand the program and have it match the progress of the Autopilot, which should reduce insurance rates to match its lower accident rate.
In Australia, some owners have reported being offered plans starting at $1,200 AUD per year (~$900 USD).

Tesla expands on its new car insurance program as self-driving technology improves

as declared in An annual state-by-state analysis of auto insurance reveals rates continue to increase after filing just a single claim.
(NBC News)An annual state-by-state analysis of auto insurance reveals rates continue to increase after filing just a single claim.
According to a fourth annual study by insuranceQuotes, drivers now pay an average of 44 percent more for car insurance after making a single claim of $2,000 or more.
Filing a second claim in one year is even more costly, with an average increase of 99.4 percent.
The study found California has the highest post-claim increase, where just one claim can lead to an average premium increase of 63 percent.

collected by :Olivia Mathio
car insurance

Check Also

Vehicle insurance caution – Writing THIS on your premium can see you prosecuted for fraud

Vehicle insurance caution – Writing THIS on your premium can see you prosecuted for fraud. …