You may be surprised to hear just how much motor insurance companies pay out to meet claims here in the UK. The figures do sound particularly high so why not read on to find out more.

According to data published by the Association of British Insurers (ABI), in the 3rd quarter of 2024 the amount that motor insurers paid out to meet claims came to a staggering £2.9 billion. A year previously, the figure was £2.5 billion so there has been an increase of some £400 million with this equating to a rise of 14%. That is quite a big jump in the amount paid out.

Another interesting figure was the amount paid out just to meet the cost of repairs to motor vehicles. Some £2 billion was paid out for such costs with this being 26% more than a year previously. As you can see, this figure makes up the largest proportion of the amount paid out to meet claims. We are sure that you will agree this is a huge rise in the space of a year. One reason for this is that things like the cost of parts has presumably gone up as have many other things here in the UK due to the high inflation we have seen over the last couple of years or so.

The average amount that was paid out per claim amounted to £4,800. This was an increase of 8% when compared with the 3rd quarter of 2023 although it was the same as in the 2nd quarter of 2024.

Theft claim payouts averaged £12,200 in the 3rd quarter of this year with this actually being 7% lower than the same quarter in 2023. However, the average claim paid out for theft from within a motor vehicle was £3,000 with this being 17% more than a year ago.

The average amount paid for motor insurance in the 3rd quarter of 2024 was 3612 per annum with this being a fall of 2%when compared with 12 months ago.

If you are looking for courier insurance for the first time or your existing cover is coming up for renewal why not contact us to obtain a competitive, no-obligation quotation from our extensive panel of reputable, specialist insurance companies.