Submitted on Wednesday 7th May 2014
Published on Thursday 8th May 2014
Current status: Closed
Closed: Saturday 8th November 2014
Signatures: 7
Tagged with
Insurance Renewal 'health warning' on potentially inflated renewal premium
Each year we all get insurance renewal documents and these often quote an inflated premium. Often, by calling the insurance company the premium can be substantially reduced due to ‘special’, ‘new customer’ or other discounts.
Therefore, let us require by Law, all insurance company renewal notices carry the following prominent ‘health warning’ in much the same way cigarette packaging must carry a warning:
“We may be able to provide you the same policy and identical cover at a substantially lower premium if you do not accept this renewal notice and instead contact us or your broker and start a fresh insurance proposal. This is due to the way in which our renewal premiums are calculated which may not necessarily quote you our best price. You may pay an elevated premium by accepting this renewal offer.”
How about a bit of ‘transparency’ and honesty from our insurers!
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