The FCA has found that some insurers are still undervaluing cars when it comes to settlements.
Despite issuing previous warnings against the practice, an FCA review has found that certain insurers continue to offer customers less than their car is worth after it has been written off or stolen.
It is now engaging with those to insurers to ensure they improve in line with Consumer Duty regulations.
Sheldon Mills, Executive Director, Consumers and Competition at the FCA, said, “Having your vehicle written off or stolen can be intensely stressful and we expect firms to offer the right support to help their customers. We expect all motor insurers to take note of our findings and we are engaging directly with those that have issues that need to be addressed.”
