Insurers may appeal UK watchdog ruling on replacement cars

An insurance trade body said on Wednesday it may appeal a British competition watchdog's decision not to tackle the high costs of replacement cars in motor insurance policies, which it said created unnecessary costs for customers. Its comments came after the Competition and Markets Authority (CMA) said it could not find a solution to the problem that the amount which insurers have to pay for temporary replacement cars is far greater than the cost. The CMA said alternatives such as requiring a not-at-fault driver's insurance company to cover the cost of a replacement car, or capping the amount which could be recovered from the other driver's insurer for the replacement, would require a change in the law.

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