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Will This Have The Desired Effect?

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youngmafbog | 08:50 Tue 22nd Sep 2020 | News
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Or will it simply be the end to a cheaper price for shopping around?

I have found with these things it never goes the way of the consumer so I suspect all insurance companies will do is charge everyone the higher price and make even more money!

https://uk.reuters.com/article/uk-britain-insurance-regulator/uk-watchdog-proposes-ban-on-car-home-insurance-loyalty-penalties-idUKKCN26D0MH

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I think it's a good thing to get rid of anyway. One ought not be treated worse simply for staying with an existing supplier. If they all start charging the higher price, shouldn't competition in the marketplace bring it down again anyway: unless they are all in illegal collusion.
all this does is reward the apathetic and punish those who shop round. In the end the insurers will protect their income.
the thing is, quite often you don't even have to move, all I do is use a comparison site and quite often the company I'm with is on top offering a better price than they have quoted on my renewal. I then call them and ask for the price they quote to new punters and I always get it.
Interestingly for the past few years my renewals with Direct Line have either stayed the same as the previous year or gone up just a pound or two.
I do use the comparisons sites to check and DL is always the cheapest for me.
I don't think they will charge the higher price. If one does, another insurance will pitch it cheaper. It will still be as competitive as it is now
Apathy isn't the issue since it ought not be necessary to change in order to avoid abuse. Charging different customers differently is a different issue to finding the cheapest supplier. The issue is about abusing those who wish to remain loyal to a company, who were ok last year, and how immoral that is. (And how there is no point in being loyal to any company that takes advantage of this flaw in the law.)
I've never understood why insurers try to sneak an extra 20 quid on insurance for drivers like myself who have never had a claim.
I move insurers most years because of it.

I've only ever tried once to make a claim on house insurance. One of my children had decided to decorate a cream leather sofa with felt tip pens. I was told I could couldn't claim because it was my child that had done it and not me or the wife.
What The Funicular?


roy: "I've never understood why insurers try to sneak an extra 20 quid on insurance for drivers like myself who have never had a claim." - because by ripping off their existing customer base they can offer cheap introductory offers to new punters. Loyalty is punished to attract new customers. Companies will always fleece those they can get away with fleecing.

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