0844 892 6279
Monday to Friday 9am to 7pm, Saturday 9am to 2pm
News Archive
OFT Calls For Fairer Car Insurance Practices
June 8, 2012
The Office of Fair Trading (OFT) believes that around £10 is added to the average car insurance premium every year, largely due to the "dysfunctional" nature of the industry.
This assessment of the industry was launched after premiums rose by 12% between 2009 and 2010. Following this investigation the OFT have stated that insurance firms must offer better value services to customers that are of a high quality.
As an alternative consumers are urged to consider black box insurance to help reduce the amount they pay.
A black box car insurance policy could effectively reduce the amount motorists pay as it's a behavioural based product that takes additional factors into account when rating the driver.
The black box or "telematics" device monitors elements such as speed, braking patterns and acceleration.
To find out more about how black box insurance works check out Fair Pay’s quick guide to telematics car insurance.
Source: http://www.bbc.co.uk/news/business-18276914