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MSE News: Car and home insurers to be banned from charging existing customers more than newbies
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Sandtree said:Thrugelmir said:isasmurf said:Why should people who actively look after their finances be penalised, and people who can't be bothered be rewarded?1
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briskbeats said:Insurance companies take advantage of those who don’t shop about for deals (mainly the elderly).
Having owned a car for almost 20 years. I have only used 6 different insurers in this time. One time I stayed with the same insurer for two years as I bartered the new customer quote and the free Karcher washer. Got that £25 gift card.
Im surprised that the FSA have not commented on the high APR some insurers charge. Can people pay for their insurance on a credit card?
I pay my car insurance in a single payment as fortunately it’s due in March and use the council tax ‘free months’ of payment to pay
The Food Safety Agency are unlikely to comment on insurers APRs, the FCA hasnt commented. Yes people can pay by credit card, and many of those charging the highest APRs are not insurers but brokers etc and often then its not the broker charging the APR (they cannot afford to provide the loans) but a separate finance company. The reality is that a 12 month £400 loan is tiny and needs a reasonable APR to cover the admin etc, it cannot be balanced out with those with £20,000 5 year loans etc.
Look at Natwest, they won't even do a loan as small as £400 and for a £1,000 loan its 24.9% and so comparable or higher than most charging interest on insurance loans0 -
Thrugelmir said:isasmurf said:Why should people who actively look after their finances be penalised, and people who can't be bothered be rewarded?0
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ThisnotThat said:Thrugelmir said:isasmurf said:Why should people who actively look after their finances be penalised, and people who can't be bothered be rewarded?1
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Thrugelmir said:ThisnotThat said:Thrugelmir said:isasmurf said:Why should people who actively look after their finances be penalised, and people who can't be bothered be rewarded?
Not really the point though, is it? You were claiming that it would be unusual for a price increase to happen between rounds which is true as you'll generally be sat in a bar for a few hours, not a few years. Hardly a good comparison.0 -
Go back 30 years, buying insurance was a pain. It was a broker, or a dozen phone calls to get a price, it took hours.The insurance market is now one of the most open, free markets we have. Comparing prices is easy, deciding which one to go with is easy, changing providers is easy.
If people are happy to pay for being lazy good for them, I am not lazy, I shop around so I shouldn't have to pay an apathy payment.1 -
daveyjp said:Go back 30 years, buying insurance was a pain. It was a broker, or a dozen phone calls to get a price, it took hours.The insurance market is now one of the most open, free markets we have. Comparing prices is easy, deciding which one to go with is easy, changing providers is easy.
If people are happy to pay for being lazy good for them, I am not lazy, I shop around so I shouldn't have to pay an apathy payment.0 -
naedanger said:daveyjp said:Go back 30 years, buying insurance was a pain. It was a broker, or a dozen phone calls to get a price, it took hours.The insurance market is now one of the most open, free markets we have. Comparing prices is easy, deciding which one to go with is easy, changing providers is easy.
If people are happy to pay for being lazy good for them, I am not lazy, I shop around so I shouldn't have to pay an apathy payment.
I don't condone price gouging but seriously, it has never been easier to save money on energy, insurance, phone/broadband etc.all the tools are available yet there is always a constant stream of people whining about their situation but not prepared to help themselves out of it.
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kaMelo said:naedanger said:daveyjp said:Go back 30 years, buying insurance was a pain. It was a broker, or a dozen phone calls to get a price, it took hours.The insurance market is now one of the most open, free markets we have. Comparing prices is easy, deciding which one to go with is easy, changing providers is easy.
If people are happy to pay for being lazy good for them, I am not lazy, I shop around so I shouldn't have to pay an apathy payment.
I don't condone price gouging but seriously, it has never been easier to save money on energy, insurance, phone/broadband etc.all the tools are available yet there is always a constant stream of people whining about their situation but not prepared to help themselves out of it.
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naedanger said:kaMelo said:naedanger said:daveyjp said:Go back 30 years, buying insurance was a pain. It was a broker, or a dozen phone calls to get a price, it took hours.The insurance market is now one of the most open, free markets we have. Comparing prices is easy, deciding which one to go with is easy, changing providers is easy.
If people are happy to pay for being lazy good for them, I am not lazy, I shop around so I shouldn't have to pay an apathy payment.
I don't condone price gouging but seriously, it has never been easier to save money on energy, insurance, phone/broadband etc.all the tools are available yet there is always a constant stream of people whining about their situation but not prepared to help themselves out of it.What could be interesting is if a large multi brand company decided to make certain brands a true cash cow. Intentionally over price new business to enable them to further increase the back book prices accepting little new business coming in as a consequence1
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