A crackdown on the ‘spiralling cost’ of motor insurance will be unveiled by the Transport Secretary.
Louise Haigh told The Mail on Sunday she is ‘determined’ to take action on premiums which rose by 34 per cent last year – with the young and elderly drivers worst hit.
She said: ‘Car insurance isn’t a luxury – it’s a legal requirement and an essential for millions.’
However, her intervention comes amid reports that premiums are falling.
The Transport Secretary is set to crack down on the ‘spiralling cost’ of motor insurance (file photo)
Louise Haigh said she was determined to take action on premiums which soared by 34 per cent last year, hitting young and elderly drivers the hardest
But Ms Haigh blames the Tories for failing to take action.
‘Under them, the cost of cover soared due to unfair practices, surging inflation, pothole-ridden roads and rising car thefts,’ she said.
The ABI insurance body said that ‘a range of factors had impacted premiums’.
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.