Ambulance Chaser’s are You Paying for Their Compensation?

Ambulance Chaser’s are you paying for their compensation?

I have written recently about how Road Risk Motor Insurance premiums have risen by approximately 50% in 18 months! An unprecedented rise in premiums since road risk insurance began see below,

http://quazen.com/recreation/autos/road-risk-insurance-is-borderline-criminal/

A good friend and former business colleague alerted me to the fact as much as he liked my article I was only scratching the top of the reasons why road risk insurance premiums have risen so sharply.

I was correct in my research that said that previously insurance companies would use the monies from your premiums to invest in money making schemes. These schemes could be investing in property? Or investing in the stock market all with your money! However when the world economy crashed in 2009/2010 they could no longer make enough money on the returns from the investment of your money!

Hence premiums crept up across the board. Just as worrying is the huge compensation market? Commonly known as “Ambulance Chasers” for every £1 paid out in compensation if you’re in a car accident a further £0.85 is paid out in compensation! I.e. physical injury compensation for the driver and passengers. Individual Law Firms are sold your details if you’re involved in a car accident. Your details will include your home address! Your home phone No and a mobile phone No!

These law firms operate on a no-win no-fee basis. These firms will actively encourage you to make a claim for physical injury compensation they will lead you down the path of having whiplash injuries and or a spinal injury if there are no obvious signs of cuts or bruising. To give an example in 2006 my partner and I were involved in a rear end shunt. A typical roundabout accident the car behind thought I had moved off and joined the roundabout traffic (which I hadn’t) and ploughed into the rear of our car.

The car wasn’t particularly new by any means and it was an insurance total loss and we were paid out £1,050 for the elderly Ford. My partner did genuinely have a very sore neck and her lower spine had been twisted. I am taller than my partner and I imagine the seatbelt was in a better position to help me and I had hold of the steering wheel as a brace in effect. I suffered a slight headache and the next day I was fine.