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Catch up with the latest press releases from LV=

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New personal injury discount rate risks pricing younger and older drivers off the road

Press release: 27/02/2017

Commenting on today’s decision by the Ministry of Justice to reduce the personal injury discount rate, Steve Treloar, Managing Director of General Insurance at LV= said; “Today’s announcement risks pricing younger and older drivers off the road. The change to the discount rate will significantly increase the cost of the largest personal injury claims and disproportionately hit the premiums of those most likely to cause them – younger and older drivers.

“At a time when car insurance costs are rising anyway as result of fraudulent whiplash claims and successive increases to Insurance Premium Tax, this will hit drivers’ already squeezed wallets hard.

“We absolutely believe that people who are seriously injured should be properly compensated but the method used by the Ministry of Justice to set the discount rate is obsolete and in need of reform. We urge the Ministry to work with all parties to agree a fair way forward.”

For further information please contact:

Lloyd Purnell,

0207 634 4433 / 07500 835 885