Insurers pay out 99% of the time
The Association of British Insurers (ABI) has announced today that 99% of motor insurance claims result in a pay out.
The ABI has published the results for the first time after analysing 4.3m motor insurance claims during 2013 and 2014.
The average pay out during that period was £2,160.
Huw Evans, ABI director general, said, ‘Contrary to popular belief, insurers want to pay honest claims. It helps nobody when customers have bought the wrong product or have not disclosed important information.
‘So we will use the analysis we are publishing today to drive awareness campaigns to improve even further the acceptance rates for home and travel. Buying insurance should never just be about getting the cheapest price in the quickest time possible, it should be about ensuring you have the right product for your hour of need.’
The ABI has previously revealed that 180,675 fraudulent motor insurance claims were detected in 2013. These cases included lying about or failing to disclose information such as previous claims or motoring convictions.