The upper price of components, repairs and second-hand automobiles has led to file claims payouts for automobile insurers, which might result in one other huge rise in the price of automobile insurance coverage subsequent yr.
Insurers paid out £2.54 billion in automobile insurance coverage claims between July and September, the Affiliation of British Insurers (ABI) stated, up by 21 per cent on the identical interval final yr and equal to £4,821 each minute. It was the best quarterly payout because the ABI started amassing knowledge in 2013.
The ABI stated the way more costly price of servicing claims was answerable for the upper invoice, with the variety of claims up solely 5 per cent to 570,000. It stated the price of automobile repairs and substitute automobiles rose by
