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Motor Insurance - Jack Straw declares war on postcode pricing

The clampdown is part of a four part plan for overhauling motor insurance pricing outlined in a ten minute rule bill on motor insurance regulation presented by the ex-justice secretary to the House of Commons this afternoon.

The bill also includes:

  • a ban on the soliciting or payment of referral fees
  • new rules placing the burden of proof on claimants to demonstrate that they have suffered whiplash injuries
  • a 50% cut in the fixed fees solicitors receive

In his speech introducing the bill, Straw accused insurers of practicing “postcode discrimination” against honest law abiding drivers by ramping up motor insurance premiums.

Straw’s bill also includes a provision that the clampdown on referral fees should be enforced by making any breach of the ban a criminal offence. “That in my view is the only way to stamp out this unethical, and unwholesome practice,” he said.

 

Richard Anthony Oakes, Sharon Linda Oakes & Ashley Burton trading as Oakes Insurance Consultants are
authorised and regulated by the Financial Services Authority. Number 307170

Registered office: Oakes House, Derby Road, Long Eaton, Nottingham NG10 1PD