Millions are overcharged for insurance – could you get your cash back?
27/06/2018 Are you paying the price for being a loyal customer? Insurance overcharging means you could get your cash back if you've been ripped off.
Insurers have been making a fortune of insurance renewals for years, by raising the annual cost when your premium increases. But now the tables have turned – and you could save a packet or even claim compensation if you’ve been ripped off. Here’s how it works.
Fight back against the loyalty tax!
Every year, if your home, car or other insurance policy comes up for renewal chances are the price will have gone up.
Insurers are supposed to tell you what the price was last year, so any increase is clear. They’ve had a year to do this but loads of insurers aren’t sticking to the rules.
Insurers have always argued that the way they work out premiums is complex and secret – but then offer new customers much lower rates, which blows that argument.
For years, this practice was much criticised but allowed to continue – though Resolver has been calling for unfair pricing to end for years now. However, thanks to this, campaigns in the media and even the financial ombudsman changing its approach, ever-increasing premiums are finally being clamped down on!
Get your cash
If you’ve been overcharged for staying loyal you can ask your insurer to put you in the position you would have been in as a new customer. So you could save a big chunk of cash.
- If you think you’ve deliberately been ripped off, ask the insurer for a list of your annual premium charges and make a complaint if you think they’re unfair.
- Get started for free using Resolver – don’t forget to tell your friends and family!