WHITE van drivers are being stung with bigger insurance bills after Admiral admitted it had hiked premiums for motorists by a fifth in the past year.
The vehicle insurance specialist has blamed the increase on the higher cost of accident repairs.
Admiral admitted it had hiked premiums for motorists by a fifth in the past year
Garage fees have soared due to a parts shortage caused by supply chain disruption in the pandemic.
Higher wages for in-demand car technicians have also driven prices up.
Recent figures by the Association of British Insurers show the overall average premium for motor insurance has risen to a record £511.
It is 21 per cent higher than last year and easily beats pre-Covid levels of £483.
The extra insurance costs come at a painful time for white van drivers and hauliers who have already had to stomach soaring fuel prices, hefty taxes and more expensive vehicles.
Rod McKenzie, of the Road Haulage Association, told SE that higher premiums would just “add to the headaches”.
He explained: “Drivers have small margins of about two per cent so these extra costs end up being passed on to the shopper. It all fuels inflation. Insurers are covering the costs of accident repairs but it is creating a vicious cycle.”
A spokesperson for Admiral said: “We recognise that these are challenging times for many people and we’re committed to delivering a good service and continue to actively manage our costs.”
The insurer posted a four per cent rise in overall pre-tax profits to £233.9million and noted its UK business has grown sales by 21 per cent due to “significant rate increases”.
However, it has seen a seven per cent dip in customer numbers.
Matt Britzman, analyst at Hargreaves Lansdown, said car insurance had become “another inflated cost to try to manage”.
JAMIE WOE IS IN PAST-A
CELEBRITY chef Jamie Oliver put his recent tough years behind him as his business paid out a £6.8million dividend.
The telly star’s businesses — which besides TV shows now spans cookbooks, cooking utensils and restaurants — grew sales by 8 per cent to £29.7million last year.
Jamie Oliver put his recent tough years behind him as his business paid out a £6.8million dividend
Profits rose by 17.5 per cent to £7.7million, with the biggest growth courtesy of Oliver’s cookery school, which increased sales by 35 per cent.
The growth comes after a rocky time for his diners, including the closure of 22 Jamie’s Italian restaurants in 2019. The chain went bust, facing debts of £83million.
Oliver, who was launched into the public eye in TV series The Naked Chef, is planning to open his first UK restaurant in four years in London’s West End later this autumn.
BURRY’S £1BN ON U.S. FALL
THE hedge fund manager played by Christian Bale in 2015 blockbuster The Big Short has made a £1billion bet that two of the biggest US stock markets will tumble in value.
Michael Burry made a fortune predicting the collapse of the US housing market in 2008.
Margot Robbie sat in a bubble bath as she explained mortgage-backed securities and sub-prime loans in The Big Short
It has now been revealed he has built a massive position against the S&P 500 and NASDAQ 100, betting that the value of US equities ranging from Airbnb to Walgreens Boots Alliance will slump.
The aggressive and lucrative bets made by his fund, Scion Capital, before the financial crisis were pushed into the spotlight by Michael Lewis’ book The Big Short.
It was adapted into a star-studded film also featuring Steve Carell and Brad Pitt.
In one scene, Margot Robbie sat in a bubble bath as she explained mortgage-backed securities and sub-prime loans — both of which blew a hole in the US financial system.
NHS HELPING AVIVA TO HEALTHY PROFIT
LENGTHY NHS waiting lists are playing into the hands of insurer Aviva as more people sign up for private healthcare.
Its sales of health insurance premiums rose by 58 per cent to £86million in the six months to the end of June.
Chief exec Amanda Blanc said it had signed up individuals as well as companies who wanted to offer private cover to staff.
It now has more than a million customers, putting it just behind Bupa and AXA.
Aviva has also put up the cost of its premiums.
Operating profits rose by eight per cent to £715million in the half-year, raising its dividend by eight per cent to 11.1p.