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FCA to clamp down on insurers avoiding fair value claim payments

By 2022-12-06T13:36:00

fair value (2)

The regulator has seen evidence that some claimants are being offered prices lower than their vehicle’s true market value following claims

The insurance industry has reacted to accusations by the regulator that some underwriters are looking to avoid paying the market price for vehicles and other goods as inflation continues to impact costs.

The Financial Conduct Authority (FCA) said it has seen evidence that some consumers who have had their cars written off after an accident are being offered by their insurance providers a price lower than the vehicle’s fair market value.

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