Regulator ‘To Reverse Car Insurance Hikes’

The competition regulator has announced a series of measures it says will help bring down the costs of insuring a car.

The proposals outlined by the Competition and Markets Authority (CMA) include imposing a cap on replacement vehicle costs passed on to an ‘at fault’ driver following an accident.

It also wanted to banprice parity agreements between price comparison websites and insurers which stop insurers from making their products available to consumers elsewhere more cheaply.

The CMA called too for better information for consumers about their rights following an accident and on the benefits of no-claims bonus protection.

It recommended the Financial Conduct Authority (FCA) examine how insurers inform consumers about other private motor insurance add-on products.

The CMA investigated after a previous study suggestedmany drivers were paying unecessary costs, raising premiums by as 200m a year.

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12 June 2014 | 6:23 am – Source:

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