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Why don't insurance companies reward loyalty?
My car insurance renewal came through last week. I checked on a price comparison website, and found exactly the same policy with the same company, but £53 cheaper. So I cancel the existing policy and take out a new one every year. Loyalty is not a word that insurance companies recognise, so treat them the same way.
Asked on 27 July 2013 by CH, Alton
Answered by
Honest John
It's not so much the insurers as the brokers. Most price comparison sites and branded 'insurers' are in fact brokers, and it's their commission on top of the underwriter's premium that is the reason for the huge variation in costs. Long gone are the days of 10 per cent insurance broker's commission. Now it can be anything from 10 per cent to 200 per cent. So don’t just use one price comparison site. Compare its prices with others.
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