Motor Insurance Premiums – Insure Fleet explains where your money goes
Our fleet insurance team can reveal that a recent report by the Association of British Insurers (ABI) has lifted the bonnet on how motor insurance premiums are spent.
Not surprisingly, personal injury claims now make up for the largest proportion of claim costs. A close second is the cost of repairs whilst theft and compensating for uninsured drivers, accounts for just 5%.
A summary of where our motor insurance premiums go;
- 29% goes on vehicle repairs and replacement vehicles
- 20% on whiplash
- 15% on personal injury claims under £500,000
- 9% on personal injury claims over £500,000
- 3% on uninsured drivers
- 2% on theft
- 26% on staff and overheads
Our fleet insurance team believe that these figures clearly illustrate the fact that in the past 17 years, the insurance industry has paid out more in claims and expenses than it has made in premiums.
Despite this, Insure Fleet like to remain competitive in terms of premium cost and as a leading specialist broker, we will compare the market on your behalf to bring you the best possible cover at the lowest possible price!
We have excellent working relationships with a range of top underwriters in this area and can even negotiate exclusive rates and discounts for you too.
To get our cheapest fleet insurance quote Freephone 0333 202 3173. Lines are open 9am-5.30pm, Mon-Fri.
Alternatively, click here to fill in our simple online quote form.« Back to all news