Car insurance is set to rise again in another hike announcement like the other Insuranve Premium Tax one a few weeks ago.
With the other recent rise announcement you could be adding significantly over last years quote.In case you've not seen today's news, the Lord Chancellor has announced that the personal injury discount rate will be reduced from 2.5% to minus 0.75% from 20 March.
This is not a fair outcome for policyholders. Nor is it the right outcome for claimants who depend on the payments. In a period of economic uncertainty, with low confidence in our industry and many people's finances already at a stretch, the pressure on customers will only increase.
The ABI said this morning "To make such a significant change to the rate using a broken formula is reckless in the extreme, and shows an utter disregard for the impact this will have on consumers, businesses and the wider operation of the insurance market."
Ageas is fully committed to ensuring that seriously injured people receive the compensation they need and deserve. That is only right and proper. But we believe this decision will see inflated financial payments for the few that everyone will have to pay for.
We will be assessing the impact that the change will have on our business and pricing in the next few days.