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Compared to before, car insurance policy holders will now be able to obtain compensation much quicker in the event of road accidents. In order to receive compensation quicker and in the most cost effective way, a new and efficient system for compensation was introduced on the 29th of September.
This system will prove to be very beneficial for an estimated 400,000 people when claiming their car insurance policy. 80% of all motor accident injury claims range between £1,000 and £10,000. Thus, the system of fast and efficient compensation will deal with requests between those amounts.
Nick Starling, the director of general and health insurance of the Association of British Insurers (ABI) says that the new system will reduce the delay in receiving compensation. Also, it will reduce the legal costs which are enormous and which have to be paid for through motor insurance premiums.
He continued to say that it has become important that the same opportunity should be given to those injured at work and those injured on roads.
This is the basis on which the new compensation system works. For quite some time, the ABI has also been asking for a simpler compensation process.