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OFT to probe motor insurance fees

The Office of Fair Trading has said it will look into the issue of rising UK motor insurance premiums.

It wants to investigate whether there are consumer or competition issues behind recent reports of a 40% rise in motor insurance premiums.

The OFT is calling for evidence from insurers and other industry participants on many issues, including the role of price comparison sites, ahead of publishing its findings in December.

It will also look at additional products sold by insurers on top of standard motor insurance and the provision of replacement vehicles following accidents.

The OFT said it was particularly interested in reports that car insurance premiums are "significantly higher" in Northern Ireland than in the rest of the UK, reports the BBC.

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