Office of Fair Trading looks at car insurance premiums

[pompeyfaith]

The Office of Fair Trading (OFT) has said it will look into recent reports of rising UK motor insurance premiums.
The watchdog said it wants to establish whether premiums have risen by a reported 40% and, if so, why.
Specifically, it said it wants to establish if there are any consumer or competition issues to address.
The OFT is calling for evidence from insurers and other industry participants on many issues, including the role of price comparison sites.


More:


http://www.bbc.co.uk/news/business-14833532


Well we all know that the insurance sector is another rip-off and this cannot come a moment too soon.

I also believe that comparison sites do not offer the best deal as it is portrayed and is a means for insurers to jack up there prices.

[mgfboy]

Re: Office of Fair Trading looks at car insurance premiums

The Office of Fair Trading (OFT) has said it will look into recent reports of rising UK motor insurance premiums.
The watchdog said it wants to establish whether premiums have risen by a reported 40% and, if so, why.
Specifically, it said it wants to establish if there are any consumer or competition issues to address.
The OFT is calling for evidence from insurers and other industry participants on many issues, including the role of price comparison sites.


More:


http://www.bbc.co.uk/news/business-14833532


Well we all know that the insurance sector is another rip-off and this cannot come a moment too soon.

I also believe that comparison sites do not offer the best deal as it is portrayed and is a means for insurers to jack up there prices.

The problem with motor insurance is across the board it actually doesn't make any money , the worst case I heard of was I think co op insurance paid out something like £1.15 for every pound they took in. The way the companies used to make the money was either the finance charges if you spread the payments or by have the money and investing it though the year. The investment element is not going so well at the moment. So this and all the people with whip lash claims is really pushing the rates up!!!

[5corpio]

Re: Office of Fair Trading looks at car insurance premiums

OFT issues call for evidence on motor insurance

Forum News link, direct to OFT Link: Can be found reading HERE.