MSE News: Insurers could be forced to include last year's premiums in renewals

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The FCA has today unveiled proposals requiring insurance firms to list last year's premiums on renewal notices...
Read the full story:

Insurers could soon be forced to tell you how much you paid for last year's cover in renewal letters

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  • societys_child
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    Is it just me? I can usually remember how much I paid last year and if I can't, I simply check the current documents to remind me. Is this just more pointless legislation?
  • stator
    stator Posts: 7,441 Forumite
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    More pointless nonsense I guess.
    Changing the world, one sarcastic comment at a time.
  • Bark01
    Bark01 Posts: 882 Forumite
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    You can't judge the wider worlds experience against your own. By participating in this forum you are already much more informed the most other people

    to quote the article:
    Further, it comes after a survey of 300,000 people in 2014 found that adding last year's price on renewal notices prompted between 11% and 18% more people to switch provider or negotiate a lower price
  • minislim
    minislim Posts: 357 Forumite
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    the level of education in this country must seriously be decreasing if people need this to remind them.

    your existing paperwork would tell you what you paid last year.

    what insurers should highlight is any increase or decrease of renewal in what the previously paid.
    that'd be more hepful.

    that and scrap auto renewal. thats the biggest con going as in some cases the new auto renewal policy has extortionate cancellation fee's in its t's& c's.
  • Bark01
    Bark01 Posts: 882 Forumite
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    For me the old price is irrelevant – the only thing relevant is my renewal price against what I can get elsewhere.

    As for auto renewals – I’d prefer to be insured that not insured, but auto renewals shouldn't be allowed to contain cancellation fees.

    They could learn something from the energy industry on this point!
  • Pincher
    Pincher Posts: 6,552 Forumite
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    If they really wanted to get good service, they should force the insurers into providing shorter terms, and pro rata cancellations.


    All they did was to take my money in the beginning. What on earth justifies any kind of termination charge, if there was no claim made?


    Do they have to cancel the surveillance contract that has a KGB agent tailing my car?

    I am hardly going to sell a car exactly on the insurance anniversary.
  • rs65
    rs65 Posts: 5,682 Forumite
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    Is this not old news?


    Responding to the announcement by the Financial Conduct Authority to consult on proposals to require the publication of the previous year’s premium on insurance renewal notices, Association of British Insurers Director General, Huw Evans, said:


    "Publishing last year's price alongside the renewal quote up front is a good idea which insurers themselves proposed to the FCA last year. This will help customers and encourage them to engage with the policy they choose and what they get for their money.
  • Goldiegirl
    Goldiegirl Posts: 8,805 Forumite
    First Anniversary First Post Rampant Recycler Hung up my suit!
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    Is it just me? I can usually remember how much I paid last year and if I can't, I simply check the current documents to remind me. Is this just more pointless legislation?


    I know, I know.


    It seems that people have to be spoon fed everything these days:(
    Early retired - 18th December 2014
    If your dreams don't scare you, they're not big enough
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    Pincher wrote: »
    If they really wanted to get good service, they should force the insurers into providing shorter terms, and pro rata cancellations.


    All they did was to take my money in the beginning. What on earth justifies any kind of termination charge, if there was no claim made?


    Do they have to cancel the surveillance contract that has a KGB agent tailing my car?

    I am hardly going to sell a car exactly on the insurance anniversary.

    If you know you're going to sell the car why not use an insurer that does offer pro-rata refunds on cancellation, which is what I got when I cancelled mine? I think you'll find that many, possibly most, do this now. Of course, there will almost certainly be an administration charge to process the cancellation, but as long as the cost is within the FOS guidelines there's nothing wrong with that.
  • OnanTheBarbarian
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    It is funny how there is bile spewed out in press releases now by the likes of the ABI about how chuffed insurers are with this new measure and how they all welcome it. I mean REALLY!?

    This goes directly against the tactics they mainly all employ, namely cheap as chips premium as a new punter and then as savage 30%+ hike in renewal. Such new measures would obviously not be happening if they were not all doing this.
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