Motor insurers enter final stages of £200m redress on write-off costs

By Neasa MacErlean

An FCA-driven campaign to compensate motorists for underpayments for stolen and written-off vehicles is now close to reaching the final stages. After a review by the regulator, insurers have now paid out a total of £129 million to nearly 150,000 customers. With another £71m expected to be sent to about 50,000 policyholders, this means that 65 per cent of the total has been transferred to about 70 per cent of the eligible group.