Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether the Financial Conduct Authority plans to review the methods used by car insurers to determine vehicle valuations in write-off settlements.

How insurers value vehicles in write-off settlements are a matter for the Financial Conduct Authority who is operationally independent from the Government. The Financial Conduct Authority published its findings of a multi-firm review into insurers’ claims handling processes for valuing vehicles which have been stolen or written off in March 2024.