Costly Motor Insurance Premiums Bad News For Payment Protection Insurance: Claim Back PPI
Published by admin on April 14, 2011
Costly Motor Insurance Premiums Bad News For Payment Protection Insurance: Claim Back PPI
New research has revealed that motor insurance premiums have risen by a shocking 40% in one single year.
A study by the AA has found that the cost of car and van insurance has increased by a record amount, almost double, in the past 12 months due to the fact of ambulance chasing lawyers and fraudulent claims.
This is extremely bad news for those paying payment protection insurance, as it is extra expenditures on a monthly basis which lowers one’s financial budget; so instead, claim back ppi.
The findings, of more than 2,500 payments and 50 different insurance providers, show that drivers are now paying on average of £892.08 to insure their car compared with £633.55 12 months ago. This is over £200 more which if people haven’t scheduled into their financial plans, can cause debts to occur.
It is claimed the industry blames the rise on settling personal injury claims following road accidents and for every £1 paid in compensation, an extra 87p is paid in lawyers’ fees for sham claims. They now account for 50% of the cost of insurance claims in comparison to 20% a couple of years ago although statistically, the number of people being hurt or injured on British roads in reality is declining.
As insurance quotes surge, fuel costs rise and energy bills grow; driving is becoming and unaffordability for many cash-strapped young drivers. And plus the added payment protection insurance, expenses are spiraling out of control which is why it has never been more essential now than ever to make ppi claims and win back thousands of pounds.
This is apparently the third year in a row that premiums have raised by more than 30%. The worst hit demographic is motorists aged between 17 and 22 years-old according to the AA. They now face premiums on average 64% more than last year totally £2,431per year; with young men forking out a massive £3,052 compared to females teenagers of £1,767.
So in case they escalate more put in a claim for mis sold ppi and get back what is rightfully yours.
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