Cyclone Posted May 14, 2018 Share Posted May 14, 2018 Going to have to by law, or by choice? Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted May 14, 2018 Share Posted May 14, 2018 We don't know, as yet- but it'll be either law or an enforceable Code of Practice. Link to comment Share on other sites More sharing options...
Obelix Posted May 14, 2018 Share Posted May 14, 2018 Insurers are now going to have to stop the 'churn' by which discounts are offered to new customers only. IT's about time. I spent the last few years flip flopping back and forth between two insurers so I was a "new" customer each time to get discounts... Link to comment Share on other sites More sharing options...
truman Posted May 14, 2018 Share Posted May 14, 2018 We don't know, as yet- but it'll be either law or an enforceable Code of Practice. Bang go new customer discounts then.... Link to comment Share on other sites More sharing options...
Cyclone Posted May 15, 2018 Share Posted May 15, 2018 Good, if it means that existing customers don't get screwed over then there shouldn't be a discount for 'new' customers. Tesco's don't offer me money off if I last shopped at Waitrose do they. Link to comment Share on other sites More sharing options...
Calahonda Posted May 15, 2018 Share Posted May 15, 2018 The real truth of this is that the folk that don’t challenge their renewals help to subsidise those that do, it’s up to the individual to manage their own financial affairs. Link to comment Share on other sites More sharing options...
Jeffrey Shaw Posted May 15, 2018 Share Posted May 15, 2018 We don't know, as yet- but it'll be either law or an enforceable Code of Practice. IT's about time. I spent the last few years flip flopping back and forth between two insurers so I was a "new" customer each time to get discounts... Bang go new customer discounts then.... Good, if it means that existing customers don't get screwed over then there shouldn't be a discount for 'new' customers. Tesco's don't offer me money off if I last shopped at Waitrose do they. Here's 'The Times' reporting on what seems likely to be an industry-wide scheme, probably followed by legal rules if the scheme fails: https://www.thetimes.co.uk/article/we-will-stop-punishing-loyalty-vow-insurers-8m2npkdq3 Link to comment Share on other sites More sharing options...
Cyclone Posted May 15, 2018 Share Posted May 15, 2018 The real truth of this is that the folk that don’t challenge their renewals help to subsidise those that do, it’s up to the individual to manage their own financial affairs. That's basically the same as arguing that those taken advantage of by loan sharks help to keep the cheaper loan market going for the rest of us. It sounds rather neoconservative tbh, fortunately we're not there yet in this country and government helps to curb the abuses of business. Link to comment Share on other sites More sharing options...
Calahonda Posted May 15, 2018 Share Posted May 15, 2018 That's basically the same as arguing that those taken advantage of by loan sharks help to keep the cheaper loan market going for the rest of us. It sounds rather neoconservative tbh, fortunately we're not there yet in this country and government helps to curb the abuses of business. No abuse, not political, stop trolling, you will get nowhere by stalking my posts. I was actually in a very competitive business, I have a feeling that you were not. Link to comment Share on other sites More sharing options...
Fusion123 Posted May 30, 2018 Share Posted May 30, 2018 So many insurance companies get a bad press with renewal prices but lv shocked me my renewal is £140 cheaper than last year with 1 non fault claim well done lv I'll be sticking with you Link to comment Share on other sites More sharing options...
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