Categories for Motor Insurance

Price comparison sites criticised over failings

January 21, 2015 3:25 pm

Many sites fail regulatory standards by not providing enough details for consumers to make informed choices, says FCA. Price comparison websites are breaking regulatory rules by prioritising price over cover in many cases, said the City watchdog.   The Financial Conduct Authority looked at 14 price comparison websites, which between them account for 90% of the market, selling private motor, home and travel insurance and concluded that many were failing regulatory standards. The websites did not always provide clear information on basics such as the terms of the policy and the cover it provided, as well as the excess that...

‘Cash for crash’ scams fuel sharp rise in insurance fraud

October 21, 2014 3:20 pm

Aviva, which says it discovered more than £110m worth of fraudulent claims last year, cites economic climate as a factor.    A surge in so-called “cash for crash” scams and fraudulent whiplash injury claims is being blamed for a sharp rise in insurance fraud detected by Britain’s biggest insurer.   Aviva said it discovered more than £110m worth of fraud in 2013 – up 19% on the previous year – and that it was currently uncovering 45 fraudulent claims a day.    However, while policyholders submitting inflated or invented claims for supposedly stolen or damaged valuables is still an issue,...

Insurance firms granted power to check on drivers’ records before offering a quote

July 21, 2014 3:16 pm

Insurance companies will be given the power to check whether drivers have speeding points or prior convictions before offering them a quote, under a new scheme unveiled today   As part of the Government’s roll out of online services, information held by the DVLA will now be made available over the internet to insurers as well as drivers themselves.   The Association of British Insurers estimates that the move could save “honest” motorists up to £15 a year on their premiums.   Currently around 23 per cent of motorists do not accurately disclose their driving record when applying for insurance...