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Insurers move to drive
car insurance premiums down. Part 2

Summary

The British legal profession get paid 40p for each £1 paid out in personal injury compensation. Moves to cut ( cheap loans ) legal costs by 75% should result in lower car insurance premiums.

Author: Michael Challiner

Ian Crowder of the AA is reported as saying that these new proposals

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will aim to take personal injury claims out of court and take lawyers out of the loop altogether, thereby cutting costs significantly. There's no doubt that the soaring costs of personal injury claims has been a significant contributor to insurance premium inflation. If they could be brought under control, insurance premiums could be cut.

Predictably, the British Association of Personal Injury Lawyers is none too enthusiastic about these proposals! They believe that the ABI's proposals would inevitably ( home insurance ) leave the injured at the mercy of the insurers adding that it's own research showed that the initial offers by the insurance companies were, on average, 50% of the final compensation agreed and that 66% of defendants at first denied liability.

However, the legal profession's objections are not backed up by Irish experience. Compensation values there remain at similar levels to pre-arbitration, but compensation is paid out three times quicker and at a quarter of the legal cost.

I say roll on arbitration and, for a change, lets see the cost of motoring fall and more examples of cheap car insurance.