Georgie Frost, consumer advocate at GoCompare, said: "For too long when it comes to insurance, loyalty doesn't pay. It's about time the industry acknowledged this and tried to reset the balance towards loyal customers. These ‘Guiding Principles’ are a step in the right direction, but they’re definitely not a signal for consumers to take their eye off the ball.
“We’ll be able to see how effective this move has been in the ABI and BIBA’s joint report in two years’ time. But until then, drivers and homeowners must stay vigilant and fight back against rip-off renewal premiums, which can cost as much as £280.
"The message is simply, never trust your insurer and auto-renew. Compare with the rest of the market and if you think your loyalty is being rewarded with excessive pricing despite these new principles, switch to one who’ll give you a better deal for the cover you need."
For further information please contact:
Anders Nilsson or Martyn John at GoCompare on 01633 654 054 / 01633 654 725
Gordon, Jason or Liz at MAW Communications on 01603 505 845
Keep up-to-date with GoCompare on Twitter; @GoCompare
Notes to Editors:
* According to independent research from Consumer Intelligence in September 2017, 51% of customers could save up to £279.42 with GoCompare Car Insurance.
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).