Private Motor

With the advent of online quote systems in recent years, we have less of an involvement now in arranging motor insurance policies for private owners.

The increased competition through online insurance providers has seen rates steadily reduce during this period to a point where reports in the press suggest that many market leading insurers are looking to increase the currently unsustainable pricing.

In addition to the factor mentioned above, the private motor insurance market has been plagued with fraudulent road traffic accident claims over recent years that have led to insurers paying out an estimated £1bn each year in compensation – a factor that will impact premiums directly going forward.

Furthermore, the recent EU decision that using a vehicle owner’s gender to rate car insurance cover as discriminatory will almost certainly lead to an increase for many female drivers. It is unclear at present whether male drivers will see a reduction in the cost of motor insurance as a result.