INTERVIEW/ COMMENT: INSURANCE PREMIUMS COULD BE SLASHED AFTER OGDEN RATE U-TURN
Amanda Stretton, motoring editor for Confused.com: “The part-reversal of the Ogden rate will result in lower costs for insurers, which is good news for drivers as it could make car insurance more affordable while balancing the needs of claimants for fair compensation.
“Even so, motorists shouldn’t be reclining in the driving seat just yet. We’re still creeping towards the highest car insurance prices seen on record, and the proposals will not have a material impact on premiums until written into law, which could take some time. While this amendment to the legislation could quench the rate of the increase if it came into place, it’s too early to say if we will see a price rise reversal.
“Insurers are still finding their feet from the previous Ogden announcement, and the broad view is that some sectors of the market ramped up premiums too hard and too fast in reaction. Because of this insurers are going to be keen to not over react if another change is made.
“Motorists can take from this that they aren’t out of the woods when it comes to pricey premiums. It’s more important than ever for drivers to keep an eye on prices and shop around using a price comparison site, such as Confused.com, to keep their motoring costs as low as possible.”
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