Insurers to provide clearer renewal quotes

Following pressure from consumer groups, it has been revealed that the FCA are currently drawing up new rules to ensure renewal quotes on insurance policies include previous premiums as well to make customers aware of when the cost of their policy is increasing.   

Another idea being studied is to make insurance companies come clean about introductory discounts on premiums.

In many cases, customers are charged less in the first year of a policy, as an incentive to switch.

But insurance companies could be forced to tell consumers what the premium is likely to rise to when that discount expires.

More on this story can be read at http://www.bbc.co.uk/news/business-28229282

 

S.Major, Lacey Solicitors

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