Motor Vehicles: Insurance
(asked on 16th December 2015) - View Source
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, by what mechanism any savings made by insurance companies as a result of a change to the small claims limit for soft tissue road traffic accident injuries will be passed on to policyholders.
This question was answered on 5th January 2016
The pricing of insurance products is a commercial matter for individual insurers in which the Government does not seek to intervene. The motor insurance market is intensely competitive and the Government therefore expects that the insurance industry will pass on savings to consumers.
Some insurers have already committed to pass on all savings to consumers as a result of the proposed changes.