MSE News: Insurance firms should be clearer on costs, watchdog says

"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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  • dacouchdacouch Forumite
    21.6K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Sounds good
  • And about time too.
    Mornië utulië
  • Parking_TroubleParking_Trouble Forumite
    731 Posts
    Tenth Anniversary 500 Posts Name Dropper Photogenic
    Forumite
    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.
    Mr Straw described whiplash as "not so much an injury, more a profitable invention of the human imagination—undiagnosable except by third-rate doctors in the pay of the claims management companies or personal injury lawyers"

  • TSxTSx Forumite
    831 Posts
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    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.
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