Rising prices of motor insurance

According to insurance comparator “Confused.com”, British motorists will soon have to face a substantial rise of their motor insurance premiums. The average annual premium, which is currently set at 770 GBP (865 USD), may reach 1000 GBP (1230 USD) by 2018. This increase is accounted for by the reform in the method of calculating compensations.

For the record, in February 2017, the ministry of justice revised downwards the “Ogden” rate, used in the calculation of compensation which moved from 2.5% to 0.75%. Insurers will therefore increase their rates in order to be able to face the new requirements.

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