Post date: 11-Feb-2016 15:02:06

Significantly falling insurance claims payouts since 2010 have not been matched by cheaper yearly premiums which has allowed car insurance companies to take in an extra £7 billion in income.

Thompson's Solicitors figures show that the average insurance premiums have fallen in real terms so motorists paid less in 2014 than 2010 however cumulatively the figures clearly show motorists paid out an extra £353 million in premiums over the last 5 years while the insurers saved themselves nearly £7 billion in paying out less in claims!

Between 2010-14 motor claims recorded fell by 3.68%

with the net cost of claims falling by 29.10%

but new annual premiums for car insurance only fell by 7.5%.

Is this fair and reasonable, your first answer is no doubt the right one!

Surely some of these savings should be passed onto the motorists otherwise, like with energy companies, we have another gravy train for the big corporate suppliers we have to use.

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