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Sarah is our insurance specialist, reporting the latest important developments in the industry.
**New research has revealed that fraud is one of the main reasons why car insurance rates are raised. **
A report by the Transport Committee found that far more personal injury claims are being made than in the past. The report, about the cost of motor insurance Session 2010-2011, highlights the expensive process of motor insurance claims and that ‘staged accidents' are on the rise.
Personal injury claims are fuelling higher premiums, with the insurance industry expecting motorists to face an increase of up to 40 per cent this year.
In co-operation with the police, MPs from the committee call on the Government to take immediate action to reduce the "appalling” casualty rate amongst young drivers, including making the driving test more rigorous.
The committee also calls on the Government to set out new data sharing arrangements between car insures and the DVLA, and to start a campaign to raise awareness of the Comprehensive Insurance Enforcement (CIE) which required anyone with a registered vehicle to have up to date car insurance.
Currently insurers are obliged by law to meet third party costs even if the policy was fraudulently obtained.
MP's are seeking a possible legislation to improve the motor insurance industries referral system and tackle fraud.
Louise Ellman, Chair of Transport Committee said, "Consumers are largely unaware of how much money moves around the insurance industry in this way when they make a claim.”
"They deserve to see where their money is going. If insurance companies cannot agree a method by which to improve transparency around referral fees, then the Government should step in, with legislation if necessary,” continued Ellman.
**The Cost of Car Insurance **
The cost of motoring is soaring, earlier this month it was announced that the use of gender to calculate car insurance is now banned. This will have a significant impact on the insurance industry and will see an increased premium for young women drivers.
This week it was announced that the cost of unleaded petrol passed the £6 per gallon mark. The cost of running a car is fast becoming a huge financial drain which could possibly see more people getting off the roads. For many, especially the young, the cost of insurance is simply becoming unsustainable.
**Compare car insurance to the best and cheapest insurance policy for you. **