I stumbled upon an article reporting a downward trend in car insurance premiums in England and would like to share some views on the trends reported.
Tuesday 29 April 2014
Tuesday 1 April 2014
Motor Detariffed Pricing
BACKGROUND
Motor insurance premiums are usually governed by a fixed rate (aka tariff) to ensure all vehicles on the road are adequately covered with insurance especially third party coverages. Third party coverages are legal liability on damages cause to other person or property.
In view of increasing claims incurred from a fix pool of premium charged, some countries have opted to go detariff and allow the free market concept take reign.
Motor insurance premiums are usually governed by a fixed rate (aka tariff) to ensure all vehicles on the road are adequately covered with insurance especially third party coverages. Third party coverages are legal liability on damages cause to other person or property.
In view of increasing claims incurred from a fix pool of premium charged, some countries have opted to go detariff and allow the free market concept take reign.
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