Commenting on the FCA’s new measures to require general insurance providers to publish details of last year’s premium on renewal notices, Rod Jones, insurance expert at Uswitch.com, says: “This is great news for customers, as most are unlikely to remember what they paid last year – making it impossible to know if their renewal is a good deal.
“We applaud the likes of AXA who have lead the way by already providing this renewal information but we are disappointed that this rule change won’t come into effect until April 2017, as many insurers and brokers will wait until the last minute before implementing it.
“Giving people an accurate picture of how their finances are changing year on year will lead to better competition, as unhappy customers will take their business elsewhere if they feel they aren’t getting a good deal.
“Unfortunately, in the world of insurance, loyalty rarely pays. If your insurance policy is due for renewal between now and April 2017, don’t just accept your insurer’s offer. Have a look around and you may be surprised at how much you can save.”
Find out how you could save over £1,000 a year with Uswitch here.
FOR MORE INFORMATION
Rory Stoves
Phone: 020 3872 5613
Email: rory.stoves@uswitch.com
Twitter: @UswitchPR
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