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Home » car, insurance

Car-LMA recommendations for cutting motor insurance costs

Submitted by on July 20, 2010 – 12:58 amNo Comment
“A reduction in the price of motor insurance can only be achieved if the risks and costs borne by insurers are reduced”, the Lloyd’s Market Association (LMA) has told the Transport Select Committee.

David Powell, the LMA’s underwriting manager, appeared as a witness before the Committee yesterday.

He made four recommendations for government action, stressing: “Most importantly, we need to reduce the costs associated with personal injury claims … motor insurers advocate the rapid implementation of Lord Jackson and Lord Young’s recommendations, which include a clamp-down on referral fees and aggressive claims marketing.”

Other LMA recommendations were as follows:

To bring in continuous insurance enforcement, quickly and fully funded.

To seriously consider how to reduce the risks presented by inexperienced drivers, including restricted licences

To improve data sharing between government agencies and the industry, and step up enforcement activity against low-level fraudsters.

Also yesterday, Road Safety Minister, Mike Penning, announced new powers to tackle uninsured driving, which he expects to introduce in the Spring.

Under a new system, the DVLA will work in partnership with the Motor Insurers’ Bureau to identify uninsured vehicles.

Motorists will receive a letter telling them that their vehicle appears to be uninsured and warning them that they will be fined unless they take action.

source:www.insurancedaily.co.uk

otomaps.com source article: www.netcarshow.com www.motorcycle.com www.roushperformance.com

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