Insurance Companies Found To Penalise Customers For Their Loyalty.

Wednesday, 21 July 2021 16:30

Loyal home insurance customers pay 32% extra.

A Central Bank study has found companies penalise insurance customers for their loyalty.

On average, long-term car insurance customers are charged 14 per cent more versus those renewing for the first time.

1/2 Today we published our Review of Differential Pricing in the Private Car and Home Insurance Markets https://t.co/mHX5i2cIfq pic.twitter.com/DAFLGOEfHJ
— Central Bank of Ireland (@centralbank_ie) July 21, 2021

While loyal home insurance customers pay 32 per cent extra.

The regulator says it will now ban this type of dual pricing.

Its head of financial conduct is Derville Rowland

2/2 The Review examined the impact on consumers and proposes to end the loyalty penalty for private car and home insurance customers https://t.co/nyrUvbQJam pic.twitter.com/b4oxLr3ohU
— Central Bank of Ireland (@centralbank_ie) July 21, 2021

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