Regulate Car Insurance Companies

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Regulate Car Insurance Companies

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Car insurance companies have far too much power.

Knowing that you cannot (legally) drive without insurance puts them in a high bargaining position and leaves the consumer with no option but to break the bank in order to be able to drive.

I call for insurance companies to be regulated, my first quote as a young driver was £7000 on a car that costs no more than £500! Where is the logic?

Having such high prices restricts everyone. One restriction would be on a job search. If you want more people back in work then regulating insurance to more affordable prices would give them more geographical mobility and enable them to widen their job search to areas they may not be able to reach without a car.

The bottom line is, insurance companies are taking advantage of their power to make extortionate profits. They need regulating so then people no longer need to break the bank just to be able to drive.

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