More than a third of motorists have lost out financially following an accident that wasn’t their fault according to new research published by the RAC.
An opinion panel for the RAC conducted an in-depth study to find out the impact of accidents on drivers and found that many are left counting the cost. 36% of motorists said they were in a worse place financially after an accident, even when they were not to blame for what happened.
Of the 36%, a fifth said they still had to fork out for insurance policy excess, while 8% had to pay large sums for travel expenses, such as hiring a new vehicle due to their car requiring maintenance before returning to road or being written off entirely. A small portion of drivers also lost earnings and had to fund their own personal insurance compensation claims.
The research highlights the importance of getting the right motor trade insurance. If you operate in the motor trade industry as a salesman, technician or valeter, then you need a relevant policy to cover the cars you are responsible for. The risks are even higher when compared to general motorists, who generally only drive one or two vehicles.
RAC said drivers are often unaware of the procedures and protocols regarding insurance following an accident as many think that the third party at fault will cover a collision via their insurer. However, this is not always what happens and drivers often have to pay other costs and expenses.
“Many people believe that the at-fault party’s insurer will cover all the costs following a collision, but this is not the case as even in the best case scenarios drivers still have to pay their excesses which would easily be £150 or more,” RAC Legal Services general manager, Paul Evans said. “Add into that travel expenses, loss of earnings and the cost of making a personal injury compensation claim and it must surely be wise to make sure you have cover.”
He added: “The vast majority of motorists we surveyed (79%) believed motor legal expenses insurance cost £20 or more, no doubt due to the typical cost of such a policy being around £30”.
In other car news, research by warranty specialist CarGarantie has found that the average cost of repairs has increased during the last twelve months due to the growing need to replace complex and high tech components. Warranty claims are also being made earlier and the engine is the most popular source of warranty interventions for both used and new vehicles.
CarGarantie Director for West Europe, Laurent Geffard, concluded: “The sharp increase in average repair costs clearly shows that the technology of current vehicles is becoming more complex and requires more and more maintenance. In this context, for fleet managers, being able to count on a decent warranty is more desirable than ever. It protects them from bad surprises and helps them manage their operational budget.”Previous Post Next Post