Members of the Association of British Insurers have committed to new steps to help manage the amount that people paying monthly for their motor insurance are charged.
Charges should be made completely clear to consumers and be reasonable, relative to the cost to the insurer, the ABI said.1. Transparency – when setting out any cost for paying by monthly instalments, insurers should provide a clear comparison of the total cost of paying annually and the total cost of paying monthly. Insurers should also publish up-to-date, clear information about their common or average premium finance charges.
4. Proportionality – charges should be reasonable, relative to the costs of providing premium finance for monthly payments. Insurers should also consider charges relative to comparable and accessible alternative payment options, such as a credit card.
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