Here at PayingTooMuch.com, we think we’re pretty fair. Establishing our brand upon excellent customer service has seen our customers' loyalty rewarded with unbeatable value for money and service.
At each renewal, we perform a full panel search so customers can be sure of a competitive renewal quote.
However, our sneaky competitors have perhaps not been quite so fair and open. From 1st April, new rules from The Financial Conduct Authority (The FCA) will force companies to improve renewal communication with the aim of achieving greater fairness and transparency within the general insurance industry.
What’s ‘general insurance’?
General insurance is any insurance product which isn’t life insurance. Why, you ask.? Good question. Primarily because life insurance doesn’t renew each year. However, we believe there is still room for greater transparency in life insurance.
So what’s changing?
From the 1st April 2017, The FCA rules state:
- Last year’s premium must be displayed in a prominent place, making it easy to compare with the renewal quote. This should be the total cost, including taxes and add-ons, but excluding any broker or admin fees. A full price breakdown including fees and charges will be provided elsewhere in the documentation.
- Text will be added to each renewal quote to encourage customers to check the level of cover is still appropriate, and to shop around to compare prices from other providers.
- If the policy has been renewed four times with the same insurer or broker, at the fourthforth, and subsequent, renewals an FCA prescribed message will be displayed encouraging customers to shop around.
A final note from PayingTooMuch.com's Managing Director, Michael Ward; “I’m glad The FCA is taking this action. They too have obviously become concerned that insurers, and some intermediaries, are taking advantage of their existing customers by offering high renewal rates hoping that they will just accept the inflated renewal price.
“I’m very proud that we already perform a full renewal search so our customers know they are getting the best renewal price possible.
So now it’s official – shop around, compare prices and save money.