Summary
40p from each £1 paid out in personal injury compensation goes to the British legal profession – a practice that may soon end if moves to cut legal costs by 75% come to fruition.
Car insurance premiums may soon come down. Part 2
Author: Anna Richardson
Ian Crowder of the AA said: “These new proposals will aim to take
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He pointed out: “There's no doubt that the soaring costs of personal injury claims has ( term assurance ) been a significant contributor to insurance premium inflation. If they could be brought under control, premiums could be cut.”
The British Association of Personal Injury Lawyers has expressed some dissatisfaction about these proposals. They think that if personal injury claims were taken away from the courts, ( life insurance policies ) then the injured would be at the mercy of the car insurance companies. They also stated that their own research revealed that initial offers by insurers were, on average, 50% of the final compensation agreed and that two thirds of defendants denied liability at the outset.
Fortunately, objections made by the legal profession are not supported by what has ( car insurance quotes ) happened in Ireland since the changes were made. Compensation values in Ireland have remained at similar levels to pre-arbitration, but people receive their money three times quicker and legal costs have been reduced by 75%.
Let's hope that these changes are made soon, and car insurance premiums ( mortgage quotes ) take a swift and significant fall to reflect them.
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