Motor Vehicles: Insurance

Treasury written question – answered on 9th September 2019.

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Photo of Paul Blomfield Paul Blomfield Shadow Minister (Exiting the European Union)

To ask the Chancellor of the Exchequer, what recent discussions he has had with the motor insurance industry on the cost of insurance for young people.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

Treasury ministers and officials are in close contact with the insurance industry, and engage with the industry on a number of issues including pricing.

Insurers make decisions about the terms on which they will offer cover following an assessment of the relevant risks. This is usually informed by the insurer’s claims experience and other industry-wide statistics.

It is important that everyone has access to good insurance at the right price. The Government is determined that insurers treat customers fairly. The FCA sets the standards required of insurance firms in relation to their business to help ensure customers are treated in this manner.

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