"Insurers should be upfront about any admin fees they charge. These should be clearly set out in their terms and conditions, so drivers are aware of the full costs before signing up to a policy. Fees should also be proportionate to the cost of the company of undertaking the work," Lee Griffin, founder and CEO of GoCompare, said in a statement. (Credit: mojo cp/Shutterstock)
If you feel that you're paying more for car insurance lately, administrative fees might be to blame.
An analysis by Defaqto Matrix of 232 comprehensive motor insurance policies in 2012, and 364 motor insurance policies in 2019 revealed that since 2012, administration fees have become more commonplace, with charges increasing by twice the rate of inflation.
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Denny Jacob
Denny Jacob is an associate editor for NU PropertyCasualty360. Contact him at [email protected].
