Insurers to be forced to reveal price changes in renewal letters

[Michael Browne]

From April 2017 insurance companies have been ordered to make it crystal clear in renewal notices how much they are increasing their premium from the previous year.

 

The move, a new rule announced by the Financial Conduct Authority (FCA), is aimed at stopping sneaky eye-watering raises that customers often don’t notice and simply pay on auto renewal.

 

From April 2017, insurance companies will have to display last year’s price in a prominent position on renewal notices

 

The FCA says the move could mean customers save up to £103 million a year simply by spotting the big rises and deciding to use a comparison site to shop around for a better deal.

 

The renewal rule will apply to all forms of insurance, so motoring, breakdown cover and home insurance.

 

https://www.aspokesmansaid.com/money-and-insurance/stories/content-9129/no-more-sneaky--rip-off-insurance-rises-as-companies-ordered-to-clean-up-their-act

[dx100uk]

should include the AA and the RAC in this too

 

 

your first year from the AA is £39 with there usual offer

that you get button-holed with outside Tesco's etc..

 

 

if you don't watch the renewal date

it jumps to an eye watering £189 !!

[ThedaBara]

About time... but why wait until next year?! TB