The former secretary has done a face off of the insurers who are selling their consumers personal details to the claim companies. The business of selling car insurance details of accident victims is now in limelight that is one of the reasons behind rise in the premium for past few years. One can search reasonable classic car insurance quotes at car insurance comparison site.
The car owners if worrying about the rise in insurance premium need to blame their own insurer who sells the personal details of their customers to ambulance chasing lawyers and claim management companies.
According to the former justice secretary the insurance industry seems to be self inflicted which is heading it towards a big crash. The former secretary investigated about the sudden rise in insurance premium after the complaints from the constituents. Some bright executives of the insurance companies tried to sell the customer data to claim management company so as to get the money for putting their insurance company back on track. With time all the insurance companies tried to copy this activity to get good money but it indirectly resulted in big losses for the classic car insurance company.
The reason behind this entire problem is just money. The car insures gets money from the claim management companies for giving the details of the car insurance customers meeting with an accident. The claim management company fights for a big payout for the affected consumer and get its commission from the amount. The clam management companies try to push the car owner for higher payout to get big commission. Further high insurance claims force the classic car insurance companies to push up the premium prices.
The car insurers well know that the dramatic rise in claims is due to the trading of customer details to claim management companies. Despite of biggest price increase the insurers are still not able to manage the losses as the insurers are paying out more in claims than getting from premium amount.
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