The National Body Repair Association (NBRA) today published its support of findings from the Financial Conduct Authority (FCA) regarding insurance valuations.
Specifically, the FCA has uncovered a trend observed in the valuation of total loss vehicles, by certain motor insurance firms. Martyn Rowley, executive director of the NBRA said: “The FCA’s review revealing instances where firms offer less than the true value of written-off or stolen vehicles, with adjustments only made upon customer complaints, is deeply concerning. Despite previous warnings from the FCA against undervaluing insured items, these practices persist, highlighting the need for urgent intervention and reform.”
The NBRA has called upon all insurance industry stakeholders to prioritise fairness and transparency in claims settlements. Rowley added: “The delays in settlement not only disrupt the repair process but also strain resources. It is imperative that motor insurers take proactive steps to streamline the claims process.”
