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How can insurance companies justify premium increases for no reason?
Why has my car insurance increased by about 40 per cent to £390.68 when I have had no change of circumstances? Why can I buy the same insurance with the same underwriter on a price comparison site for £275? I believe it is a despicable marketing ploy more suited to the Krays than a respected financial institution.
Asked on 20 October 2012 by SC, Bolton
Answered by
Honest John
Most car ‘insurers’ are actually really brokers and have been taken over by Private Equity Funds who exploit a captive market for a compulsory product. In the past, insurers used car insurance as a loss leader to get customers for other types of insurance. Not any more.
The best is currently LV, which remains a mutual. That said, most insurance premiums are open to negotiation. If they cannot rip you off tor £400, they would rather take £200 off you than nothing at all.
The best is currently LV, which remains a mutual. That said, most insurance premiums are open to negotiation. If they cannot rip you off tor £400, they would rather take £200 off you than nothing at all.
Tags:
insurance
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