In the News Insurance....

[ogr1]

Loyalty and possible reductions.

FCA confirms measures to protect customers from the loyalty penalty in home and motor insurance markets

The FCA has implemented a package of remedies to improve competition and protect home and motor insurance customers from loyalty penalties. This includes new rules so that renewal quotes for home and motor insurance consumers are not more expensive than they would be for new customers.

www.fca.org.uk

What's to stop them charging newbie customers even more over the odds and then dumping that figure onto its loyal customers?

I can see the base line being reduced, but have a sneaky feeling that they.... motorcycle insurer's will make some of the add-ons compulsory, like helmet & leathers or deffo legal and pillion cover.

Swings and roundabouts.

 

[Duck n Dive]

I won't be at all surprised if the actual total cost to those buying I insurance goes up!

 

[Squag1]

Here they rejigged the compensation limits to reduce claims. My house car and bike all went up.
"Oh we still have claims in the pipeline "

Bikes - 3 - €380 car €517- 1.2 Leon
Renewal car was€590 changed company but underwriter the same. Slightly different terms.

I was offered a policy which was Zurich.
They sent me the single page spec.

I went on to Zurich website, page is different. Broker couldn't offer same.

 

[slim63]

As far as i can see all they will do is raise prices to inline with what renewal prices would be, so nobody really wins

 

[Minkey]

it's all because people don't shop around and stick to the same "trusted" companies for years even though they are being ripped off

 

[Squag1]

Same with health insurance

 

[Malone]

And then there’s pet insurance that goes up every year ‘because your pet is older and more at risk“ and the premiums are loaded if you try to change to another insurer.

I'm taking miss Molly Malone to see her vet in 30 minutes because she’s a bit poorly.