The loyalty exploiters: If you renew home or car cover without seeking ...
If there is one New Year’s resolution you keep, make it this one: ‘I will not automatically accept the renewal notices sent out by home or car insurers.’
There is growing evidence from our readers of extreme, unexplained increases in home and motor premiums – even where policyholders’ circumstances have not changed and they have not made claims.
It is thought the falling number of policyholders who do not use internet comparison sites are being hit with bumper increases at renewal as insurers exploit their loyalty.
Some critics even believe insurers’ computer systems identify the long-standing customers who have not complained about previous premium rises – and inflict the greatest increases on them.
Motor and home policyholders are sent
renewal documentation annually, but rarely any explanation of an
increase in premiums. If policyholders do not respond, or switch, cover
at the higher rate is
automatically applied.
Insurers insist that premiums are based purely on cover provided and the risk insured. But Financial Mail is aware of numerous cases where insurers have been challenged about a premium increase and then haggled, eventually agreeing to a cut, suggesting there are other factors at work.
Research by the
Office of Fair Trading found that in Northern Ireland, where switching
is far lower than in the rest of Britain, motor premiums are 11 per cent
higher. This would suggest that premiums for new business are being
artificially discounted to attract switchers, with loyal customers
bearing the cost.
The
growth in comparison websites, while excellent for consumers who shop
around, has made the situation far worse for those who do not routinely
switch, or who do not have access to the internet.
James Daley, editor of consumer magazine Which?
Save Direct Line Car Insurance - News
One Financial Mail reader was shocked when his Direct Line home insurance premium increased by more than 50 per cent at renewal last October – from about £500 to more than £800. He managed to find an identical level of cover elsewhere for much less,
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Cheap 17 Year old car insurance?
Gavin Answered:
"Cheap" and "17 year old car insurance" is an Oxymoron…………..a contradiction in terms.
You will not find cheap. Suck it up and ride it out (no pun intended) until the years pass by when you deserve "cheap" car insurance.
Having said that, Direct Line car insurance is known to offer great deals always.