Probe into UK motor insurance market

The UK's motor insurance market was today facing an investigation by the Competition Commission after a report found the market was “dysfunctional” and pushed up premiums by £225m (€281m) a year.

The report by the Office of Fair Trading (OFT) found premiums paid by drivers are being ramped up because of referral fees and the fact that insurers of at-fault drivers have little control over the way in which repairs are carried out.

This dysfunctional system inflated the cost of providing replacement vehicles by an average of £560 (€701) a time, while the cost of repairs was £155 (€194) more.

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