Which? executive director, Richard Lloyd, said:
“The Financial Conduct Authority’s proposal is good news for the thousands of people who supported our campaign for insurers to show last year’s premium on renewal letters. This simple change should help people save money by prompting them to shop around or haggle for a better deal with their current insurer.”
Which?’s We Don’t Want to Pay a Premium campaign launched in February 2014 and received more than 30,000 signatures: http://www.which.co.uk/campaigns/insurance-renewals/
We previously found:
- 85% say it would be useful to have their previous premium on their renewal quote.
- 68% say having last year’s premium would prompt them to look for a better deal with other insurers.
- 64% say they would be more likely to haggle for a discount with their current insurer if they knew last year’s premium.
Methodology: Populus surveyed 2,065 UK adults online between 5th and 6th February 2014. Data were weighted to be demographically representative of all UK adults. Populus is a member of the British Polling Council and abides by its rules.