The Association of British Insurers has stopped short on voluntary industry-led cap on premium finance as it set out five principles aimed at helping consumers manage the cost of paying-monthly for motor insurance.
The ABI Premium Finance Principles:
1. Transparency: When setting out any cost for paying by monthly instalments, insurers should provide a clear comparison of the total cost of paying annually and the total cost of paying monthly. Insurers should also publish up-to-date, clear information about their common or average premium finance charges.
2. Affordability: When deciding on their premium finance offering to customers, insurers should have regard to the fact that many consumers cannot afford to
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