GoCompare: It’s time for people to free themselves from the loyalty trap: Cash at home

20 June 2019, 10:25

GoCompare: It’s time for people to free themselves from the loyalty trap

Lee Griffin, one of the founders of GoCompare comments on Government plans to give the Competition and Markets Authority (CMA) new powers to intervene when consumer law has been broken:

“High charges and inflated renewal pricing aren’t going to be fixed overnight. Consumers are right to keep an eye on these developments, as they could bring very real change in future. But people mustn’t expect Government and regulatory interventions to save the day. They still need to focus on looking after themselves by shopping around for the best possible deals, reading the small print and questioning anything that looks too good to be true.

“This latest Government intervention demonstrates that the loyalty trap is very real and costs people, collectively, billions of pounds each year. It’s time for people to break this cycle of overpaying. New customers get the best deals, so the mantra to live by is ‘always be a new customer’.

 “While it’s a positive to hear the FCA’s market study into insurance pricing practices in home and car insurance is ongoing, we will be looking forward to the interim findings published in the summer, which will hopefully be the start of a fairer future for insurance pricing.”  

Top tips from GoCompare to get the best insurance deals:

  1. Remember that if you do nothing at renewal time you will likely be auto-renewed, and while this ensures you’re still covered, you will undoubtedly pay more than you need to for the privilege,
  2. NEVER accept your renewal quote without first checking that the price you are offered is competitive – even if your insurer was the cheapest last year,
  3. Give yourself time to review your cover – note the renewal date in your diary and shop around at least a week before your policy renews to get the best deal,
  4. Compare prices AND check the small print. Make sure you’re making like-for-like comparisons and understand all the charges, any penalties, exclusions and terms and conditions you will be required to meet.

Customers switching and saving with GoCompare could save £227.60 on their car insurance and £88.47 on their home insurance.1

For more information on shopping around and switching insurance policies, visit: https://www.gocompare.com/insurance/

-ends-

For further information please contact:

Anders Nilsson or Louisa Marsden at GoCompare on 01633 654 054 / 01633 655 132

Gordon, Jason or Liz at MAW Communications on 01603 505 845

Keep up-to-date with GoCompare on Twitter; @GoCompare

Notes to editors

  1. According to independent research from Consumer Intelligence in May 2019, 51% of customers could save up to £227.60 with GoCompare Car Insurance and £88.47 with GoCompare Home Insurance.

About GoCompare

GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.

GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.

GoCompare does not sell its customers’ data.

When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.

GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).

For more information visit www.gocompare.com and www.gocomparegroup.com

Contact Information

Louisa Marsden

louisa.marsden@gocompare.com