Queen’s Speech: money off in­sur­ance?

Classic Car Weekly (UK) - - Contents -

The Gov­ern­ment’s crack­down on fraud­u­lent whiplash claims could cut car in­sur­ance costs.

In the Queen’s Speech on 21 June, it was an­nounced that a new Civil Li­a­bil­ity Bill is ex­pected to bring in­sur­ance pre­mi­ums down by around £35 a year by ban­ning of­fers to set­tle claims with­out the sup­port of med­i­cal ev­i­dence, as well as in­tro­duc­ing a new fixed tar­iff of com­pen­sa­tion for whiplash injuries last­ing up to two years. This fol­lows on from con­sul­ta­tions last year aimed at re­duc­ing bo­gus whiplash claims.

The speech says: ‘Leg­is­la­tion will be in­tro­duced to mod­ernise the courts sys­tems and to help re­duce mo­tor in­sur­ance pre­mi­ums.’

How­ever, clas­sic in­sur­ance com­pa­nies say that it’s too early to jump to con­clu­sions re­gard­ing sav­ings. Liam Lloyd from Foot­man James says: ‘While the in­dus­try has an­nounced th­ese changes we are cur­rently li­ais­ing with our in­surer part­ners to es­tab­lish how we op­er­a­tionalise, al­though we do not en­vis­age any ma­jor changes to our ex­ist­ing pol­icy’.

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