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The UK’s financial regulator has warned insurers not to undervalue cars and other property when making payouts to customers.
The Financial Conduct Authority says it has seen evidence that some consumers who have had their cars written off after an accident are being offered a price lower than the vehicle’s fair market value, and only improving the offer when customers complain.
‘When making an insurance claim, people shouldn’t need to question whether they are being offered the right amount for their written off car or other goods that they need to replace.
‘Insurance firms should offer settlements at the fair market value. This is especially important now as people struggling with the cost of living will be hit in the pocket at precisely the time they can ill afford it.
