Submitted on Wednesday 23rd October 2013
Published on Thursday 24th October 2013
Current status: Closed
Closed: Friday 24th October 2014
Signatures: 3
Tagged with
Ban Interest charges on Insurance policies paid, up front, monthly or quarterly
Customers of insurance policies should not be charged interest on periodic (monthly/quarterly) payment plans as they are NOT loans. They are paid up front whether that be for a month or a year.
Many insurance companies are charging around 20% APR for direct debit payments of their insurance policies as many households find a single payment onerous.
Insurance policies are mandatory requirements for the majority of home and car owners. Policies are often reviewed and renewed annually and a contract agreed to.
However, insurance policies are pro rata paid over days or months as can be seen by the repayment of the policy fees in the event of a cancellation.
The practice of charging any level APR for a service (coverage for the future) that has not been yet provided should be banned.
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3.137.175.83 Wed, 25 Dec 2024 20:30:12 +0000
