Insurer's policy . . . is to milk customer loyalty

Sunday Times article
In a whole page article in today's issue, Stephen Bleach (Travel Editor) describes how his insurer sent him a renewal premium notice 2½ times as much for almost identical cover he obtained by seeking a quote from the same insurer as a new customer. Sunday Times article

See our previous NEWS items on this insurance rip-off topic. More

Posted: 180114

In a whole page article in the Money section in the Sunday Times out today, Stephen Bleach (Travel Editor), says "my insurer tried to charge me £780 for cover it would have offered to a new customer for £310. But I saw through its weaselly ways." But how did he discover this?

He describes how "last week I received a very tempting insurance quote. It was from Halifax and offered to cover my house and contents for just £310 a year. There’s only one problem: Halifax quoted that price thinking I was a new customer. I’m not; I’ve been with the company for 15 years - and last month it tried to charge me £780 (plus 77%) to renew my policy. That’s 2½ times as much for almost identical cover. This is how one of the biggest names in personal finance rewards a decade and a half of loyalty.
There are many words you could use to describe that sort of behaviour - and I have used them, in private and at high volume. But the Money section believes in restraint, so all I’ll say here is they’ve got a nerve. It took me a long time to realise Halifax Home Insurance had been taking me for a chump."

See the full article online. Sunday Times 180114