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Snow To Push Up Insurance Premiums

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http://www.telegraph.co.uk/finance/personalfinance/insurance/8189049/Snow-to-push-up-insurance-premiums.html

Axa Insurance said it had received "double" the normal number of claims last week, with 50pc related to snow damage. The insurer reported a 23pc increase in motor insurance claims on the previous week, with the number of single vehicle accidents increasing by 85pc.

Last year, the insurance industry paid out £644 million to home owners and businesses to cover the cost of damage caused by water that had escaped from burst pipes and leaking taps and washing machines, and the Association of British Insurers has said that it expects this winter to be even worse.

The AA said motor insurance claims increased by 23pc last week. Ian Crowder, a spokesman for AA Insurance, said: "The severe winter last year resulted in the insurance industry paying out far more claims, particularly on home insurance, where the costs were 30pc higher than the winter before.

"If we have another long, hard winter then insurance companies will soon start to increase premiums." He said in the worst case scenario insurers could be pushing premiums up by 10pc.

So after a week of snow we can all expect high insurance premiums.

Can't wait for Mystic Merv to write to the chancellor to argue inflation is above target due to heavy snow and rain.

Still all of this will help GDP.

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Thanks to Merv and co. the material costs for making all the nececssary repairs is up 20/30% this year.

That's not even taking into account increased numbers of claims. Premiums will go up to cover the outgoings.

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My insurance company has emailed and texted me to remind me to take care in the icy weather. How thoughtful of them.

No doubt the 75 year-old who wrote my previous car off by driving too fast in the snow last year isn't online and doesn't have a mobile.

Edited by rantnrave

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My insurance company has emailed and texted me to remind me to take care in the icy weather. How thoughtful of them.

No doubt the 75 year-old who wrote my previous car off by driving too fast in the snow last year isn't online and doesn't have a mobile.

Or a license! ;)

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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