Cars: Insurance

Department for Transport written question – answered at on 24 October 2023.

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Photo of Mike Amesbury Mike Amesbury Shadow Minister (Levelling Up, Housing, Communities and Local Government)

To ask the Secretary of State for Transport, what assessment he has made of trends in the level of car insurance prices in the last 12 months.

Photo of Richard Holden Richard Holden Parliamentary Under-Secretary (Department for Transport)

The setting of motor insurance premiums is a commercial decision for individual insurers based on their underwriting experience. The government does not intervene or seek to control the market.

That said, analysis suggests that leaving the EU and removing the impacts of the Vnuk decision from UK law, is likely to have saved motorcar policyholders an increase of around £50 in their premiums.

The Government is determined that insurers should treat customers fairly and firms are required to do so under Financial Conduct Authority (FCA) rules.

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