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Motor Vehicles: Theft

Question for Department for Transport

UIN 194140, tabled on 21 November 2018

To ask the Secretary of State for Transport, what assessment he has made of the effect on insurance premiums of theft from commercial vehicles.

Answered on

26 November 2018

Theft from commercial vehicles is not a risk required by law to be covered by motor insurance although it can often be purchased as an added extra.

The setting of premiums is a commercial decision for individual insurers and the Government does not generally intervene or seek to control the market.

The independent financial services regulators, the Financial Conduct Authority and the Prudential Regulation Authority, regularly monitor the insurance market to make sure that it functions well.