RMI BODYSHOPS COMMENT ON RISING PRIVATE MOTOR INSURANCE PREMIUMS
Published 27/10/2016 00:00:00 in Press Releases
“Following reports that motorists are facing higher car insurance premiums than a year ago, we are frustrated that there is no corresponding increase in service provision, and that the Competition and Markets Authority (CMA) is failing to engage with us on this issue”, says Jason Moseley, Director of RMI Bodyshops (NAB & VBRA), the UK’s trade association for vehicle repairers, commenting on the figures published today by the Automobile Association (AA).
The average annual cost of a new policy rose to £586 in the three months to the end of September, a 16.3% (almost £82) increase on the same period in 2015. Insurers say premiums are being driven up by continued problems with whiplash claims, and consumers growing tendency to shop around for a new policy each year.
Earlier this month, RMI Bodyshops raised their concerns on news that outlined proposals to reform how the insurance industry deals with claims for whiplash injuries had been put on hold by the government. This is an indication of the government’s total disregard for any form of the control or regulation on the social and economic utility of motor insurance.
Moseley continues, “We would urge The Association of British Insurers (ABI), The Financial Conduct Authority (FCA), and the Financial Ombudsman Service (FSO) to conduct their own investigations in the continual rise of private motor insurance premiums.
“If this allowed to continue unchecked, it will hinder the economy, reduce consumer mobility and potentially stall the currently buoyant new and used car markets the currently contributes significantly to both employment within the sector, and allows the UK to remain as a strong market for vehicle manufactures post Brexit.”
NOTES TO EDITORS:
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The Retail Motor Industry represents the interests of operators in England, Wales, Northern Ireland and the Isle of Man providing sales and services to motorists and businesses. The RMI has a formal association with the independent Scottish Motor Trade Association which represents the retail motor industry in Scotland.