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UK car insurance costs set to rise again

UK car insurance costs set to rise again Image

Motorists across the UK could see their car insurance costs increase again in the near future after it emerged that insurers' own costs are on the rise.

The increased costs are being attributed to concerns among re-insurers, who provide "insurance for insurers", about how people are being compensated after they have been involved in road accidents.

Re-insurance brokers Willis Re say more serious injury claims are now often settled using periodic payment orders paid at regular intervals during the course of a person's life as opposed to with a one-off amount.

And UK policyholders could see their premiums rise by as much as 3% to 10% as a consequence, according to The Financial Times.

Female drivers are already set to experience rising premiums after new European laws banning the use of gender in insurance calculations were introduced and young women are predicted to be hardest hit.

published: 03/01/2013 17:00:00

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