GoCompare comments on changes to the Ogden Discount Rate
The Government has announced a change to the ‘Discount Rate’ – also know as the Ogden rate – applied to personal injury lump-sum compensation payments, to minus 0.25% from minus 0.75%. The increase is likely to result in lower car insurance costs for motorists.
Lee Griffin, CEO of GoCompare, commented: “This news will be welcomed by drivers and goes some way to reversing the decrease in the ‘Ogden rate’ in 2017, which insurers blamed at the time for premiums going up. In plain English, this could mean reduced insurance costs for drivers.
“Insurers have been factoring in changes to the Ogden rate for some time, which goes to show how changeable premiums can be and how varied the forces at play on the car insurance market are.
“Younger drivers are likely to benefit most from this change, as their premiums are larger in the first place. But each insurer will interpret these things differently over time, so it is vital that all drivers shop-around to find the insurer offering the best deal for them, before they buy or renew.”
For more information on how to keep car insurance costs down: https://www.gocompare.com/car-insurance/
-Ends-
For further information please contact:
Anders Nilsson or Louisa Marsden at GoCompare on 01633 654 054 / 01633 655 132
Gordon, Jason or Liz at MAW Communications on 01603 505 845
Keep up-to-date with GoCompare on Twitter; @GoCompare
Notes to editors
GoCompare
GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
GoCompare does not sell its customers’ data.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into several its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).
For more information visit www.gocompare.com