The government is to work in conjunction with the insurance industry in an attempt to brig a halt to the escalating costs faced by consumers.
And news of such input has been welcomed Lee Griffin of Gocompare – launched in 2006 – who noted the Conservative-Liberal Democrat alliance can play an important role in helping to overcome the problems faced by the sector regarding a number of issues in the field.
These include whiplash claims, escalating personal injury costs and the credit hire industry.
Mr Griffin stated: “Government legislation or clarification could help insurance companies to tackle the forces that are driving costs up, helping them to unpick the complex web of interrelated dealings.”
The industry figure explained technological advances – such as telematics – will play an increasingly important role when calculating insurance premiums.
These policies can enable a provider to work out suitable deals that focus on behaviour behind the wheel that is specific to the policy holder.
Mr Griffin pointed out telematic arrangements are likely to become a lot more widespread later in the year, with some of the agreements appearing on the market already.