If your car is damaged to the point it cannot be driven or fixed, insurers are meant to pay you a fair sum. But the city regulator has warned that's not happening.
The FCA has fired yet another warning shot at car insurers for underpaying. Many firms are still getting away with underpaying motorists for totalled carsCar insurers are ripping off drivers by paying them less than the value of their written-off vehicles, the city watchdog has said.
A review by the Financial Conduct Authority found that some insurers only increase these low offers when a customer complains. The regulator did not name which insurers were guilty of underpaying consumers for totalled cars, but did say it was 'engaging' with the firms involved. RELATED ARTICLES Share this article Share HOW THIS IS MONEY CAN HELP What are my rights if my car is written off?If your car is damaged to the point it cannot be driven or fixed for a decent price, insurers are meant to pay you a fair sum that will buy you a like-for-like car, in similar condition and at realistic prices for your area.
Complaints against car insurers are one of the major reasons for a big spike in cases being handled by the FOS.
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