Personal Injury Lawyers Blamed For Price Rise In Van Insurance Premiums
Industry experts claim that van insurance premiums are set to rise significantly in 2010 and the increase is being blamed upon the cost personal injury claims and the resulting legal costs of lawyers. Van insurance experts are predicting a 15% increase to the cost of van insurance premiums this year. As a result, there are likely to be even fewer cheap van insurance quotes available.
According to some experts, price comparison sites have been artificially keeping insurance premiums lower over the last few years, but now consumers are feeling the brunt of the insurance companies’ desire to stop underwriting losses.
The price comparison websites have been accused of keeping premiums artificially low during the very soft market which has existed over the last two years or more, but even they are now beginning to feel the impact of insurance companies’ reaction to stop continuing underwriting losses.
Around two million motorists are driving without insurance according to some estimates. This group of drivers are adding on an £30 to the premiums owned by law-abiding motorists. The expected rises could result in even fewer drivers opting to take out a van insurance policy.
The AA British Insurance Premium Index indicated that premiums rose by 7.2% to over £1000 in the last quarter of 2009, the fastest increase for nearly sixteen years.
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