Improve car insurance industry regulation
Car insurance is more expensive for those deemed to be ‘at risk’ at the insurer’s discretion – which seems to result in those who are young or from financially disadvantaged paying disproportionately more; all this in the face of industry record profits. The detail asked by insurers seems to be statistically insignificant when forming a quotation. Factors such as living several doors down, or naming ones profession in a slightly difference manner can have a significant impact on a quotation. Also, minor amendments require an inordinate amount of time to administer on a policy. Abroad, this is not the case, where by minor deviations are allowed, and written into the policy.
The aim of this petition (if successful) is for The Government to consider more stringent regulation for the motor insurance industry in terms of policy charges, policy structure, administration of policies, and cover offered, all in order to make the end product more accessible and simple for the public.
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