Motor Insurance Overhaul

Motor Insurance Overhaul.

The Competition and Markets Authority (CMA) has outlined new proposals it wishes to introduce into the motor insurance market. These new changes will make competition tougher and reduce premiums for motorists.

These new changes will now be discussed and then a final decision will be made by a group of independent members in September 2014.

The new proposed measures include:

• A cap on the charges passed to the insurer of an at-fault driver in an accident for the cost of providing a replacement vehicle to the non-fault driver.
• Clearer information to consumers about their rights after an accident.
• A ban on an insurer being able to offer their products on a different website more cheaply.