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Thursday, July 25, 2024

Insurer says “shop around” as premium rises expected

EARBY-based West Craven Insurance Services is urging consumers to shop around when renewing their insurance policies, after this week’s announcement of the change in the Ogden rate which will come into effect from 20th March.

Ogden tables are used to make it easier to calculate future losses in personal injury claims. The tables take into account life expectancy and provide a range of discount rates from -2.0 per cent to 3.0 per cent in steps of 0.5 per cent. The rate is fixed by the Lord Chancellor who this week reduced the discount rate from +2.5 per cent to -0.75 per cent.

“This is expected to have a massive impact on future premiums from almost all the insurance companies,” said Lisa Parker, a company Director at West Craven Insurance Services.

“They will have to provision for the increase in claims pay-outs by increasing premiums. We’ve been notified of possible increases of between 7.5 per cent to 10 per cent, across all sectors of personal and commercial insurance.

“The biggest impact of this change will be for customers with increased premiums – many of whom will, we hope, never be in the position of needing to make a claim and could have a particular impact on company and fleet insurance. This isn’t a fair outcome for them.

“We’re urging individuals and companies to make sure they shop around and to speak to a local broker who can evaluate your specific circumstances.

“Not only can brokers make sure you get the best price, but they can make sure you get a policy where you are properly covered.  Comparison sites may show cheap headline prices but quite often they are generic policies which may not give you the cover you need,” warned Ms. Parker.

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