Defaqto: 8% of policies not offering car replacement cover

classic-car

Almost one in ten car insurance policies do not over new car replacement cover, research from Defaqto has shown

According to the research, a further 10% of policies apply a 50% cost of repair threshold before they would provide new car replacement and a further 82% of policies apply a 60% cost of repair

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Insurers face margin crush unless premiums are hiked

Data analysis: A sustainable margin recovery looks increasingly challenging for insurers with premiums needing to increase in real terms to prevent any erosion after a tripling of costs to 10.9% of premiums last year from 3.5% in 2022.

Stephen Wallace, McLarens

Steven Wallace is managing director of EMEA for global claims services provider McLarens and is the current president of the Chartered Institute of Loss Adjusters.