Gareth Shaw, Head of Money at Which?, said:
“It is right that the regulator is proposing solutions to stop these sharp pricing practices. Our research has found existing insurance customers can be left paying hundreds of pounds more than new customers as a result of complex and opaque pricing systems.
“The regulator must now ensure these proposals are brought in swiftly, and that it is ready to take strong action against firms that continue to rip off consumers simply for staying with their providers.”
Notes to editors:
- Which? finds quirks in car insurance application questions can add hundreds to quotes: https://press.which.co.uk/whichpressreleases/which-finds-quirks-in-car-insurance-application-questions-can-add-hundreds-to-quotes/
- Which? responds to the FCA’s probe into home and motor insurance firms’ pricing practices: https://press.which.co.uk/whichstatements/which-responds-to-the-fcas-probe-into-home-and-motor-insurance-firms-pricing-practices/
- Which? responds to Citizens Advice’s research on home insurance loyalty penalty: https://press.which.co.uk/whichstatements/which-responds-to-citizens-advices-research-on-home-insurance-loyalty-penalty/
- Loyal customers pay up to 75% more by staying with their home insurer: https://www.which.co.uk/news/2019/03/loyal-customers-pay-up-to-75-more-by-staying-with-their-home-insurer/