Reduction of claims is ‘great news for everyone’
Be Wiser Insurance chairman Mark Bower-Dyke has praised insurers for cutting motor rates following the legal reforms introduced in April.
He said: “We’d like to congratulate the insurance companies and the government on reducing the costs of motor insurance. Bringing the costs of motoring down by reducing the number and costs of dubious claims is great news for everyone. Savings are being passed on to the consumer.”
Bower-Dyke’s comments come amid concerns that motor insurers are cutting rates prematurely, given that there is so far little evidence of claims reduction following the introduction of the legal reforms.
Prices fell 9.8% in the second quarter of 2013 compared with the same period in 2012, according to the AA’s British Insurance Premium Index.
However, Bower-Dyke said: “At long last the insurance companies and the government appear to have worked together to help reduce the numbers and costs of often spurious claims.”
He added: “Historically we’ve seen some clients cut back on the quality or breadth of cover to save money – but there’s little reason for that now.”
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