Dual pricing for private clients – are you paying the price of loyalty?

The news headlines are filled with a warning from the Financial Conduct Authority that companies who are found to be offering preferential rates to new customers could face ramifications in the near future.  On hearing the news, many people took to social media to give examples of dual pricing in car & home insurance, where the existing insurer matched the cheaper rate when challenged.  According to the BBC, a customer who has automatically renewed their house insurance for five years with the same insurer could face a 70% higher premium than a new customer.

What’s different with an Insurance Broker?

As an Insurance Broker, we do not offer preferential rates for new customers.

Not only this, our computer system can automatically shop around for alternative deals on your behalf at renewal.  This means that if an insurers stance changes on a particular risk (i.e. their flood mapping system changes and your home now falls within a ‘high risk’ area) then we have the option to look elsewhere and source an alternative quotation.

Are there any other benefits of using an Independent Broker?

We have seven offices in Wales & The Border Counties meaning you can have a telephone conversation with us or call in to discuss your insurance face to face.  Sometimes it’s easier to sit down and explain what you require with our experienced team.  Being independent means we rely heavily on our reputation and word of mouth, which means we have your best interests at heart to retain long lasting client relationships.

If you’ve allowed your insurance renewal to ‘roll over’ with the same insurer for a few years, you may be shocked to see what the market premium could be like in comparison.

Call us today if you want to take advantage of our independent broking system.