Readers may find it of interest to read that motor insurance companies have paid out more to meet claims in Q3 of 2024 than they did in the same quarter of 2023. In fact there was quite a large increase in the sums paid out.
Figures published in the last few days by the Association of British Insurers (ABI) revealed that £2.9 billion was paid out by motor insurers in Q3 of 2024 compared to £2.5 billion in Q3 of 2023. That is an increase of 14% equating to a rise of £400 million. You will no doubt agree that is a very large rise and one that insurance companies will have wished they had not had to be faced with.
The amounts paid out by motor insurance companies to cover the cost of repairing motor vehicles amounted to £2 billion in the 3rd quarter of 2024. This is a rise of 26% when compared with the same quarter in 2023. This is also a very big increase. Presumably, motor body shop repairers have been faced with having to pay considerably more for motor vehicle parts than they have previously. This should perhaps not really come as too much of a surprise to policyholders due to us having been through a period of high inflation. Presumably, body shops will also have been faced with an increase in their wage bills.
It is interesting that the average amount paid out per claim in Q3 of 2024 amounted to £4,800. This was the same as in the previous quarter but was 8% more than Q3 of 2023.
A positive statistic was that the average theft claim fell by 7% in Q3 of 2024 in comparison to Q3 of 2023. The average amount paid out in Q3 of this year was £12,200.
Average motor insurance premiums came down by 2% in Q3 of 2024 to £612 per annum. This is the same percentage drop as in Q2 of 2024.
It is important that when you receive your renewal notice for your existing campervan insurance that you compare how much you have been paying over the last 12 months with what your existing insurer wishes to charge you for the next year. Do get a comparable quote from one or more other providers to see if you can save any money which we are sure you will agree is something you will welcome. Why not give us a call with a view to obtaining a no-obligation campervan insurance quotation.
