UK Money News
27th March 2008
Britons hammered by car insurance fees
UK consumers are paying out £333 million in fees every year to car insurance companies to change and amend policies, price comparison site uSwitch.com has revealed.
The fees are levied when drivers do not inform insurers of changes to their car or personal details such as name and address.
It is reasoned that by not telling insurers of the change the policy could potentially be invalidated, with motorists forced to pay on average £22 for each violation.
However, following the removal of rules covering excessive charges from the Insurance Code of Business, there is currently no limit on how much can be charged.
Ashton Berkhauer, insurance expert at uSwitch.com, said: "Consumers need to know where they stand and the easiest way to do this is for the amount providers charge to be consistent across the insurance industry.
"This would make it clearer for consumers and bring transparency to the market. Currently, making an adjustment to your policy can cost you from £0 to £25 and the price for cancelling a policy mid-term can be unlimited."
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