Car cover revved up; Cash point.Byline: TRICIA PHILLIPS INSURERS are being accused of fleecing motorists with hidden excess charges worth millions. A survey by uSwitch.com found thousands of drivers have been caught out with excess bills that were on average pounds 170 more than expected. Many drivers don't even know compulsory excess charges exist. They mistakenly believe the voluntary excess they choose is the full amount they will pay on any claims The reality is 85% of policies have a compulsory excess and voluntary figures are in addition to this. Escalating fraudulent The description of a willful act commenced with the Specific Intent to deceive or cheat, in order to cause some financial detriment to another and to engender personal financial gain. claims cost pounds 1.9billion and they need to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. this money. Consumer watchdog consumer watchdog n → organización f protectora del consumidor consumer watchdog n → organisme m pour la défense des consommateurs Which? says firms should be up-front about fees. "Drivers should always ask what the compulsory excess fee is," says Dan Moore from Which? "Once they know, they can offer to pay a top-up voluntary excess to help bring their premium down. Don't offer a voluntary fee thinking it will be enough." But insurance companies need to be more open about excess charges and not hide compulsory fees in the small print. |
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