According to the statistics it appears that we are seeing yet higher prices for our motor insurance. On almost any other service or product if there was an increase of 50% there would be a huge outcry. Yet, for some bizarre reason many motorists just hand over the requested premium.

‘Cash-for-crash’ fraudsters are being blamed for much of the rise in car insurance rates. This is where people stage crashes so they they can then make claims against the insurance company for injuries they might (or might not), have sustained.

Also being blamed is the compensation culture so common in the US. Personal injury lawyers with their motto ‘no win no fee’ are popping up all over the place. And nowadays a minor bruise can be worth a few hundred pounds if there is some slight psychological damage. And it seems that the UK is well into the insurance claim game when compared to other European countries where a dent in the wing is almost like a badge of honour and just part of everyday life.

The police can now seize uninsured motors, but much of the time the offender gets away with no real punishment when it reaches court. The criminal driver simply weighs up the cost of having insurance against not having any insurance and losing the car and paying a small fine. Although not in every case, the uninsured motorist often runs a banger of a car that is worth very little value.

Whatever the causes behind these jumps in insurance rates it usually pays to shop around and see if you can get a better premium than the one you are being asked to renew at. If you get a special introductory deal don’t expect the same next year from your present insurance company. Be prepared to haggle, your provider wants your business and is often prepared to match one you have found that is genuinely lower.

Another Reasons For Motor Insurance Rate Rises

There are several reasons why motor insurance rates may rise. Here are some additional reasons:
Increasing frequency and severity of accidents: As the number of accidents increases, insurance companies may have to pay out more in claims, which can lead to higher premiums.
Rising costs of repairs: The cost of repairing a vehicle can be expensive, especially if the car is new or has advanced technology features. Insurance companies may have to pay more to repair these vehicles, which can lead to higher premiums.

Higher medical costs: If someone is injured in a car accident, they may require medical treatment that can be very expensive. Insurance companies may have to pay more for medical expenses, which can also lead to higher premiums.
Increases in fraudulent claims: Insurance fraud is a serious problem that can affect the cost of insurance for everyone. Fraudulent claims can result in higher premiums as insurance companies try to recoup their losses.

Insurance company losses: If an insurance company experiences losses due to factors such as natural disasters or economic downturns, they may need to raise premiums to make up for the losses.
Changes in government regulations: Changes in government regulations can affect the cost of insurance. For example, new laws may require insurance companies to provide more coverage, which can lead to higher premiums.

Distracted driving: With the increase of smartphones and other technologies, distracted driving has become a major issue. Distracted drivers are more likely to get into accidents, which can lead to higher insurance premiums.
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