Porsche 911UK Forum

Welcome to the @Porsche911UK website. Register a free account today to become a member! Sign up is quick and easy, then you can view, participate in topics and posts across the site that covers all things Porsche.

Already registered and looking to recovery your account, select 'login in' and then the 'forget your password' option.

New Insurance Rules

jonttt

Well-known member
Joined
20 Aug 2012
Messages
10,529
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:
 
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?

:?: then again maybe this is useful for more vulnerable people....
 
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" :roll: 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:
 

New Threads

Forum statistics

Threads
124,350
Messages
1,439,410
Members
48,705
Latest member
Scratch
Back
Top