Record for motor insurance payouts

Motor insurance payouts so far this year have reached a record level with over £23 million being paid every day, new figures have revealed.

The pay-outs cover theft, own vehicle and thirdparty property damage, as well as personal injury compensation.

Rising repair bills and theft claims are the main driving forces behind the rise, according to the data published at the ABI’S annual conference.

Motor insurers paid out a total of £6.4 billion to private motorists and in compensation to victims of motor crashes, equating to over £23m every day. This was up four per cent on the same period last year, to the highest level since ABI started collecting the data at the start of 2013.

Huw Evans, ABI’S director general, said: “Motor insurers are delivering when it matters.”