No Win No Fee drives up the price of motoring
The rapid growth in the cost of motoring is set to continue with the proliferation of ‘
no win no fee’ law firms being partly responsible for the rise according to industry experts.
Car insurance premiums are six percent costlier than twelve months ago and comparison site, MoneyExpert.com, is predicting a rise of up to ten percent over the next year. Experts have said that soaring legal and medical fees are responsible for the increase in the cost of having a road accident, with ‘no win no fee’ firms placing greater financial pressure on insurance companies.
In a separate disclosure that will also add to the stress of motorists, uSwitch.com has revealed that the cost of a tank of petrol is up by 25 percent in the last year.
“As a direct result of these price hikes, it would be no surprise to see more motorists leaving their car at home and using other methods of transport,” said Ann Robinson of uSwitch. “However, drivers who are reliant on their cars for business or who live in remote areas will be hardest hit. For them, leaving the car at home is not an option.”
Updated on 5/15/2008