New figures released this week show yet again that the high volume of personal injury and whiplash claims being made in the UK are putting extra strain on all policyholders as statistics revealed that £2.4 million is being added daily to the cost of insurance premiums, which equates to £30 extra a year to every policy in the country.
It’s estimated that £876 million is being paid out every year in legal fees, with £1,666 being added to the cost of insurance premiums in the UK every minute. The cost of an average car insurance policy now stands at £418 up by 18% in the last year, with legal costs as a result of personal injury claims being blamed for pushing up the cost of premiums.
In many cases, the legal costs often outweighs the amount of compensation won, with one case highlighted this week revealing a £37,250 bill was run up in legal fees pursuing a claim where the compensation won was just £15,000.
Read More - http://www.ladymotor.co.uk/news/personal-injury-claims-adding-2-4-million-daily-to-the-cost-of-insurance-premiums-12740/
