The argument over rising costs of motor insurance premiums currently shows no signs of ending anytime soon and with recent developments surfacing which outline the latest figures regarding claims, it seems insurance companies will have a lot of explaining to do in the coming weeks and months ahead.
In what will surely cause a public outcry latest figures published by the PIAB have shown that over the past three years insurance companies have only seen a rise of 3% in claims despite previous statements which have suggested they have been forced to shell out more money to justify the rising costs of premiums.
According to the figures released on Friday the rise in claims rose 3% between the years 2013 and 2016, even though premiums seen a 70% increase in that same period .
Although the average premium has fallen by 10% in the past year many motorists have been left facing the question as to why their premiums have risen in the past three years despite having a healthy and respectable no claims bonus.
The latest developments which have placed a number of question marks regarding the legitimacy of companies claims will more than likely come under review as the current market has become inflated with many motorist already paying up to three times more on their original premiums.
However despite the latest findings companies still believe that the increase in premiums is necessary given that interest rates are much lower than they used to be which unfortunately means the average motorist cannot avail of rates they became accustomed to in previous years.