02/02/2024
As most of you will be aware, insurance premiums have increased dramatically.
This information was provided by a top UK Insurer:
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Main reasons are Ukraine, Brexit and fraudulent claims.
War in Ukraine and covid has caused a shortage of components/semi conductors
Number of employees in the motor trade has declined due to Brexit.
Improvements in motor technology has resulted in a large increase in car part theft
BMW, Audi and VW have manufacturing resources in Ukraine producing harnesses that hold all the vehicle cabling. Production of cars can’t even begin without these harnesses. Moving equipment across the Ukraine border is also a struggle. Hence the increase in car part theft.
The cost of hybrid/electric courtesy cars is higher than normal diesel/petrol cars. The lithium batteries have charging points at vulnerable areas on the vehicle, making it more expensive to repair due to the cost of disposal of lithium batteries, lack of repair specialists and charging points on the vehicle need to be replaced if involved in minor incidents.
Claims play a big part too. New technologies such as
e-scooters will undoubtedly cause more serious accidents.
Amount of claims being made has increased therefore legal costs are increasing too.
Crash for cash - Staged accidents
PI claims rose by 60% in Scot 21-22
Fraudulent claims: fraudster pulls infront of driver then slams on brakes. Rear driver at fault.
The list goes on.
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Give us a call for a free no-obligation quote or advice. Existing Clydegrove clients will benefit from a 10% discount.
Benefits of going through a broker are, we have access to a panel of insurers, you’ll always deal with the same person either face to face or on the phone and we can offer realistic payment terms.
Clydegrove Insurance Team
🏎️ 0141 573 3200 John or Karen 🚙