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jonttt
Long Beach


Joined: 20 Aug 2012
Posts: 6449
Location: Liverpool


PostPosted: Sat Apr 01, 2017 10:13 pm    Post subject: New Insurance Rules Reply with quote

The FCA have set out a number of requirements with the aim of increasing transparency and engagement at renewal. These new rules are intended to address concerns about levels of consumer engagement at policy renewal, improve the treatment of existing consumers by firms; and promote effective competition in the market.

This requirement will take effect on policies invited for renewal on or after the 1st April 2017.

A summary of the changes are to:

disclose last year's premium at each renewal, so that it can be easily compared to the new premium offered

encourage consumers to check their cover and shop around for the best deal at each renewal, and

identify consumers who have renewed four, or more, consecutive times, and give these consumers an additional prescribed message encouraging them to shop around. This includes consumers who renew after 1 April 2017 who may have already renewed four or more times before these rules come into force.

I think forcing disclosure of the previous years premium on the renewal notice is very important Thumb
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911tom
Watkins Glen


Joined: 22 May 2012
Posts: 2050
Location: Buckinghamshire


PostPosted: Sat Apr 01, 2017 10:36 pm    Post subject: Reply with quote

Showing what you paid last year is useful... slightly irrelevant as the market can change in 12 months though.... as for forcing them tell you to shop around, surely you are just a mug if you don't?

Question then again maybe this is useful for more vulnerable people....
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jonttt
Long Beach


Joined: 20 Aug 2012
Posts: 6449
Location: Liverpool


PostPosted: Sun Apr 02, 2017 8:54 am    Post subject: Reply with quote

THe market generally works on a "cheap" quote to get the business and then an inflated quote the second year working on peoples general laziness to check what they paid previously or shop around. Forcing disclosure of the previous premium will at least highlight this.

Obviously on a car forum we are not "typical" customers but I remember my mother getting stung by this for a number of years paying 4 times what she should have but in her mind the broker "looked after her" Rolling Eyes When I pointed out what she had paid the first year compared to the previous year and that year even she was shocked at the increase.

Generally the insurance industry preys on the ignorant and lazy. You could say thats a good think for enthusiasts who shop around ie majority pay more than they need to so the minority can pay less but that does not make it right Bandit
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