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Oct 9, 2012

CAR'S INSURANCE* USA

* UK - Hiked hire car fees in spotlight of car insurance probe

London,EN,UK -Car and Van News -Oct 2, 2012: -- Hire car fees can soar by more than £500 when provided as part of an insurance claim, according to the Office of Fair Trading... The shocking statistic has emerged as the OFT referred the car insurance market to the Competition Commission, believing it is not working for motorists... A prime concern is that insurers of drivers at fault in an accident have no control over the cost of repairs or replacement vehicles for the driver deemed to be not at fault... The May report found that cars provided while repairs were carried out to the damaged vehicle were often hired for too long and at inflated prices... The OFT concluded that replacement car hire averaged £560 and repairs £155 more than necessary... The claim is that insurers receive lucrative fees from hire firms and garages for such business, pushing up costs and therefore premiums by £225m a year... Insurers body the Association of British Insurers (ABI) has welcomed the review, claiming that the OFT has discovered what insurers have known for years – that when a customer has a crash that is their fault, the insurer has little control over the cost of the subsequent claim...

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