Car insurance annual premiums should not cost more than the vehicle value

Background

I would like for Parliament to introduce legislation enforced by the FCA (Financial Conduct Authority) to cap car annual insurance premiums at the value of the vehicle for car insurance companies.

Additional details

This is because insurance premiums for newer drivers can often exceed the price of the vehicle they are driving, making it unaffordable for many drivers.

Where it’s popular

Constituencies with the most signatures on this petition.