One of the most popular car insurance news stories right now is about how new compensation rules is going to make it more expensive for the average motorist.
35 million people could be affected, so it didn’t surprise me one bit when there was outrage from the UK public.
Enter The Chancellor
Well, it seems that Chancellor Philip Hammond has took notice of this whole situation, because he released a statement recently saying the government will be taking a closer look at the situation, and hopefully, making some changes so that motorists are not going to be hit in the wallet.
Not only that, but the Chancellor also setup a meeting with 15 of the major car insurance companies, although none of the comparison websites have yet to be consulted.
If I were to meet with Philip Hammond or any other government officials my main question would be…”just what is going on here?” I’m sure many UK motorists would like to know the answer to this question.
Car Insurance Companies and ABI
From what I understand the main car insurance companies and representatives of the Association of British Insurers, or ABI for short, made it clear that any new changes to the way compensation is calculated within the motor industry just isn’t on, because at the end of the day car insurance will get more expensive.
We’ve already heard stories about how people are renting cars instead of buying because car insurance is just too much.
Also, let’s not forget how many young drivers are being priced out of the market…if these new changes do go ahead then I am sure there will be thousands, if not millions of drivers who decide to sell their car and seek out alternative transportation methods.
It’s Good to Talk
The one thing I will say is that despite the government and EU Chiefs doing some crazy things over the last few years in the car insurance industry, it’s at least good to see the Chancellor is willing to sit down and talk about things.
It doesn’t mean anything is going change of course, and car insurance will almost certainly get more expensive, but at least the Chancellor is showing he is willing to listen and take on board feedback.
Take My Advice…Shop Around
No matter what happens my advice always remains the same…use a comparison site such as this one to shop around and get as many quotes as possible. This gives you the best chance of finding cheap car insurance, so you don’t have to pay as much as everyone else.