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Savvy buyers are already aware that when buying insurance, loyalty doesn’t pay. New customers get better deals than those renewing their policies.
Financial Conduct Authority (FCA)
The FCA is launching a probe into the insurance companies different pricing policies. Citizens Advice has long warned that we are being ripped off and has launched a super complaint. They estimate that it is costing loyal customers nearly £880 a year.
In the FCA’s analysis of the market, it found plenty of competition for new business with discounts up to 30%, but with premiums rising in subsequent years.
Andrew Bailey, chief executive of the FCA, said: “This market study will help us examine the outcomes from general insurance pricing practices. If necessary, we should intervene to improve the market. We will consider all possible remedies to achieve this.”
Advice – Shop Around
If you are buying insurance, our advice is to shop around. Although it can be a pain, filling in similar data on different websites, the price variation is wide. Recently renewing our home insurance, by switching we saved nearly £150 upfront and received a further £40 in store vouchers. On annual travel insurance renewal, after receiving a significantly higher renewal premium, I called the help desk, and miraculously got a lower quote!
