Proposed changes to How personal injury compensation payouts are worked out can stop the height in vehicle insurance premiums, insurance Specialists have claimed.
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The sale average is supposed to put prosecutors in the same financial position they would have been in had they not been injured.
How going to vehicle insurance premiums be affected?
According to some estimates, vehicle insurance premiums rose with an average £75/year after the changes to compensation payments in March.
Drivers look Determine to benefit from a smaller-than-expected height in vehicle insurance after Ministers unveiled an overhaul of injury compensation rules yesterday.
Campaigners welcomed the compromise – that followed a fierce backlash with motorists & insurers – however warned that drivers still to face ‘a worryingly steep upward curve for vehicle insurance’.
The latest row over the soaring cost of vehicle insurance stems from changes to the so-called ‘Ogden sale rate’ made in February.
Having released a consultation in March, the Gov. yesterday reported a re-think that officials said ‘could see significant savings for motorists out of reduce vehicle insurance premiums’.
Simon McCulloch, director at comparethemarket.com, said if the sale average were Determine at 0.5 per cent it would reduce the average vehicle insurance premium with around £23.
Car insurance premium costs skyrocket in the Britain & this is the controversial reason why
Car insurance premium costs are skyrocketing in the Britain for young driversCar insurance costs have skyrocketed over the past year because of the intro of Fresh controversial taxes & changes to policies.
An promote from ten per cent to twelve per cent on Insurance Premium Tax & a change to the Ogden sale average is between the reasons premiums are skyrocketing.
The Ogden sale average is used to calculate personal injury compensation pay-outs.
Figures published with comaprthemarket.com propose which 17 to 24 year-old drivers are paying 8 per cent further on their vehicle insurance premium year on year.
collected by :Olivia Mathio