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12/06/2014
Regulator Announce Lower Car Insurance Costs
The Competitor and Markets Authority (CMA) has announced a series of measures with the aim of helping bring down the costs of insuring a car and has called for better information for consumers about their rights.
Among the CMA proposals are the imposition of a cap on replacement vehicle costs passed on to an at-fault driver following an accident, which is estimated to be up to £180m annually, or 'ban the price' parity agreements between price comparison websites and insurers.
The CMA also said after a review that many drivers are paying unnecessary costs due a "complex chain" of inflating insurance premiums by much as £200m a year and recommended the Financial Conduct Authority to examine how the consumers have been informed by the insurers.
The competitor regulator said it did not consider in the inquiry the impact of personal injury claims.
(CVS/IT)
Among the CMA proposals are the imposition of a cap on replacement vehicle costs passed on to an at-fault driver following an accident, which is estimated to be up to £180m annually, or 'ban the price' parity agreements between price comparison websites and insurers.
The CMA also said after a review that many drivers are paying unnecessary costs due a "complex chain" of inflating insurance premiums by much as £200m a year and recommended the Financial Conduct Authority to examine how the consumers have been informed by the insurers.
The competitor regulator said it did not consider in the inquiry the impact of personal injury claims.
(CVS/IT)
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