Tweet
Press release: CMA finalises changes for car insurance
The CMA has today published measures it expects to increase competition in the car insurance market and reduce the cost of premiums for drivers.
The measures are included in the final report of its investigation, conducted by an independent panel of members, into the private motor insurance market.
The measures include:
a ban on agreements between price comparison websites and insurers which stop insurers from making their products available more cheaply on other online platforms
better information for consumers on the costs and benefits of no-claims bonus protection
a recommendation that the Financial Conduct Authority (FCA) looks at how insurers inform consumers about other products sold as add-ons to car insurance policies
These measures are in response to the Competition and Markets Authority (CMA) finding that:
some price parity clauses in contracts between price comparison websites and motor insurers prohibit insurers from making their products available more cheaply on other online platforms, with the effect of restricting competition and leading to higher car insurance premiums overall
the limited provision of information in the sale of motor insurance add-on products to consumers makes it difficult for consumers to compare the costs and benefits of these products, with the sale of no-claims bonus protection giving rise to particular concerns
More...
The measures are included in the final report of its investigation, conducted by an independent panel of members, into the private motor insurance market.
The measures include:
a ban on agreements between price comparison websites and insurers which stop insurers from making their products available more cheaply on other online platforms
better information for consumers on the costs and benefits of no-claims bonus protection
a recommendation that the Financial Conduct Authority (FCA) looks at how insurers inform consumers about other products sold as add-ons to car insurance policies
These measures are in response to the Competition and Markets Authority (CMA) finding that:
some price parity clauses in contracts between price comparison websites and motor insurers prohibit insurers from making their products available more cheaply on other online platforms, with the effect of restricting competition and leading to higher car insurance premiums overall
the limited provision of information in the sale of motor insurance add-on products to consumers makes it difficult for consumers to compare the costs and benefits of these products, with the sale of no-claims bonus protection giving rise to particular concerns
More...
Comment