Latest data from the ABI shows that the cost of theft claims has surged by 32% to £271m in the first nine months of 2018.
Motor insurance pay-outs have reached record levels this year with more than £23m being paid every day, according to research by the Association of British Insurers (ABI).
In the first nine months of 2018, a total of £6.4bn was paid out to private motorists and in compensation to crash victims, highlighted the data.
This was an increase of 4% on the previous year.
The data on pay-outs, which cover theft, own vehicle and third-party property damage, as well as personal injury compensation, was collected from members of the trade body.
The data showed that the cost of theft claims rose by 32% compared to the same period in 2017, reaching £271m.
Group Compliance Manager of The Brownsword Group, Gill Prior, states, “We have seen a steady increase of claims into our theft unit over the last few months, but also an increase in repudiation rates for our clients on the claims that we handle. In November 2018 alone, we made a nett saving of over £300k on 3 luxury car claims which were all deemed invalid. This strengthens one account with a major insurer and will take our savings to over £3m for this client this year”.