MSE News: Insurance firms should be clearer on costs, watchdog says 19 July 2013 at 5:15PM in Insurance & Life Assurance 4 replies 1.2K views

Former_MSE_Helen

"Insurance companies must undergo a 'cultural shift', the Financial Services Consumer Panel says..."

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Insurance firms should be clearer on costs, watchdog says



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dacouch

Sounds good

Lord_Baltimore

And about time too.

Parking_Trouble

Nothing new. Symptomatic of the UK's current decline.
Any way to squeeze a few bucks out of the consumer whilst trying to give the impression they are saving us loads of money.

Compare policies and customer satisfaction and don't just decide on price. You typically get what you pay for and until you claim you won't know how good or bad they are.

TSx

Parking_Trouble wrote: »

Nothing new. Symptomatic of the UK's current decline.
Any way to squeeze a few bucks out of the consumer whilst trying to give the impression they are saving us loads of money.

Compare policies and customer satisfaction and don't just decide on price. You typically get what you pay for and until you claim you won't know how good or bad they are.

To a degree it's a race to the bottom - very difficult to stay in business if you can't generate good ancilliary income - and to be at the top of the comparison sites, you need to pare everything back and provide a minimum quality no frills product (in general) - this means that everything beyond the initial setup and lapse of the policy needs to be charged for.

Regulation will help - it will certainly level the playing field for insurers which can only be good for consumers.