Which? executive director, Richard Lloyd, said:
“The Association of British Insurers’s proposed reforms would be a victory for the 30,000 people who signed our campaign calling on insurers to show customers the premium they paid last year. These simple changes could save people money by prompting them to shop around or haggle for a discount, and we urge the Financial Conduct Authority to adopt the proposals.”
Which?’s We Don’t Want to Pay a Premium campaign launched in February and has had nearly 30,000 signatures:http://www.which.
We are calling on insurance companies to provide last year’s premium alongside the renewal quote and explain any differences.
Our previous research 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.