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Baner Club > Blog > Business > Reinforced warnings from insurers about the worth of totaled and stolen vehicles business.
Business

Reinforced warnings from insurers about the worth of totaled and stolen vehicles business.

After more "shortcomings" were discovered by an industry regulator, insurance companies were informed that they had to provide full value in order to resolve claims pertaining to written-off and stolen cars.

Last updated: 2024/03/28 at 9:35 AM
Published March 28, 2024
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The Financial Conduct Authority (FCA) conducted an examination and discovered that certain companies were undervaluing their vehicles and, in certain instances, only raised the offer in response to a customer’s complaint.

The exercise was a response to the watchdog’s earlier warnings regarding behavior in determining claim values, the most recent of which was issued in 2022.

The FCA stated that in order to make sure the companies it reviewed improved, it was corresponding with them.

Its regulations require insurers to settle claims promptly and equitably.

Since the Consumer Duty was implemented in July of last year, businesses have also had to make sure that customers are at the center of their operations and take steps to meet their needs.

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BanerClub March 28, 2024 March 28, 2024
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