Motor insurers paying out a record amount to motorists
Motor insurance pay-outs so far this year have reached a record level with over £23 million being paid every day, according to figures out today (20 November) at the ABI’s Motor Conference. The pay-outs cover theft, own vehicle and third-party property damage, as well as personal injury compensation. Rising repair bills and theft claims are the main driving forces behind the rise.
The ABI’s latest motor claims data collected from its members highlights that, in the first nine months of the year:
The cost of theft claims, at £271 million, jumped by 32% on the same period last year. The number of claims settled, at 41,000, rose by 11% on last year. The rise in part reflects the widely reported growth in keyless vehicle crime.