Regulation of Motor Insurance Administration and Cancellation Fees

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Regulation of Motor Insurance Administration and Cancellation Fees

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Aside from the premiums for what is a legal requirement for any motorist, motor insurance providers are able to charge "reasonable" fees for alterations or cancellations of policies.

However, In the context of the current economic state and with the general rise in the overall cost of motor insurance, many simply find these fees to be excessive and in some cases outright offensive. Not only this, these fees have been rising steadily and it is clear that insurers are profiteering from them.

We request that the Government stand up for honest motorists and either ban, or at the very least empower the Financial Services Authority (FSA) to regulate such fees for alterations and cancellations to motor insurance policies, so as to keep these costs reasonable in the eyes of the average working class citizen as well as to prevent insurers profiteering from the honesty of motorists ensuring their policies are legal and accurate.

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