FCA investigating car insurance pricing practices

[Dorset Bob]

Not before time:

"The Financial Conduct Authority (FCA) is investigating car insurance pricing practices, after it emerged that some firms might be inflating renewal prices for long-standing customers."
https://www.honestjohn.co.uk/news/in...20full%20story

Why should these crooks rook loyal customers?

[Comfortably Numb]

Originally Posted by Dorset Bob

Not before time:

"The Financial Conduct Authority (FCA) is investigating car insurance pricing practices, after it emerged that some firms might be inflating renewal prices for long-standing customers."
https://www.honestjohn.co.uk/news/in...20full%20story

Why should these crooks rook loyal customers?

Sadly, because we let them. This allows them to lure in new punters with big discounts, who they will fleece in subsequent years. I heard a financial guru on the radio insinuating we had only ourselves to blame for not shopping around at every renewal. NOOO! Lifes too short!

[MSS]

This review is the result of a "super complaint" from Citizens Advice.


https://www.citizensadvice.org.uk/ab...illion-a-year/


Support your local CA.

[planenut]

I hope they can sort it out with a result in our favour before I have to give up my licence due to age.

[HarryM1BYT]

Originally Posted by Comfortably Numb

Sadly, because we let them. This allows them to lure in new punters with big discounts, who they will fleece in subsequent years. I heard a financial guru on the radio insinuating we had only ourselves to blame for not shopping around at every renewal. NOOO! Lifes too short!

I am very grateful for those who remain loyal to their energy/ car insurers/ breakdown cover/ home insurance/ ISP - because their paying over the odds, allows them to offer me a big discount for changing each year.



What's not to like?


I always make them compete for my business, never agree to them auto renewing..


For example, my previous partner took care of the day to day household bills, including the insurance cover for this house, before she passed away. The year before she died, I happened to see the renewal bill - it was close to £500. She had just allowed it to renew year on year, without any claims being made and year on year they had increased the cost. I took over, told them NOT to renew, shopped around and got the same cover for just over £100 - that was four years ago.


Prices have gone up since then and I took out the same cover for £79 just three weeks ago, with the very same company who had wanted £500 four years ago. Act the fool and they will take you for a fool.

[HarryM1BYT]

Originally Posted by Dorset Bob

Not before time:

"The Financial Conduct Authority (FCA) is investigating car insurance pricing practices, after it emerged that some firms might be inflating renewal prices for long-standing customers."
https://www.honestjohn.co.uk/news/in...20full%20story

Why should these crooks rook loyal customers?

They are also investigating the companies who charge way over the odds on the 'never, never', for domestic items and furniture, such as BrightHouse. These companies falsely inflate the basic cash selling price of items, then charge a vastly increased amount for the repayments, putting a lot of poor people in difficult financial circumstances, into even worse circumstances.

[Rogue]

Originally Posted by HarryM1BYT

They are also investigating the companies who charge way over the odds on the 'never, never', for domestic items and furniture, such as BrightHouse. These companies falsely inflate the basic cash selling price of items, then charge a vastly increased amount for the repayments, putting a lot of poor people in difficult financial circumstances, into even worse circumstances.

I have checked their prices before and they regularly charge over 50% more than the company i work for .....

[victorgte]

Sadly all too common. My neighbour lost her husband in 2006 and as usual he had done everything. Her home and contents renewal this year was £600!
A few minutes on the tablet and she changed company for a deal of £190.
Direct debit is a great way of paying for essentials but it can mean you lose focus on how much you are paying unless you make the effort to shop around.
I’m horrified if any of my car insurance policies cost more than £200.

[Arctic]

Originally Posted by Dorset Bob

Not before time:

Hi Bob
They can look into them all they like nowt will come off it, as the whole section is corrupted, as are a lot of big business, and the government are in it them selves don't you worry about that, we are not surprised really are we the little working man needs to be kept under foot.

[Scaramanga]

Every insurance (in-sewer-ants as Terry Pratchet called them) I've had always quote a higher renewal premium despite no claims made etc. Sometimes they back down and give a competative quote, most often not.

I vote with my feet. Lets hope this is remedied. I doubt it however

Just a side note when I saw FCA in the OPs post I, being a bit of trekkie geek thought of The Ferengi Commerce Authority. Think of IRS in the USA and the fear they wrought mixed with a penchant corporate greed

Anyway here's a pic for those interested....



Anyway, there is no such thing as customer loyalty anymore. It the usual corporate profit above all else

I hope this investigation has apositive outcome for us.