Loyal customers face price rises of up to 50% when they try to renew their cover, and yet more pain looks likely in future
Loyalty is not a good thing when it comes to insuring your house or car. Existing customers are often hit with higher premiums than new applicants. And as a ban on the practice looms, some customers are reporting increases of up to 50% to renew their policies, despite reports of price falls.
Research from complaints website Resolver shows the “loyalty penalty” is still in effect, with three quarters of people surveyed reporting rises of between 10% to 50% to renew their car, home, travel and even pet premiums.
