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FCA identifies ‘areas for improvement’ in insurers’ valuation of vehicles

By 2024-03-27T14:03:00

total loss road traffic accident

The findings of the regulator’s multi-firm review have identified some failings in motor total loss claims

The FCA has identified “areas for improvement” in insurers’ valuation of vehicles following total loss claims.

In the results of a multi-firm review into the claims handling processes of insurers following stolen or written-off vehicle claims, the regulator noted that “some firms” reported average settlement values that were lower than available guide prices.

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