Consumer Council Welcomes Proposal for Easier Comparison of Insurance Premiums

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A proposal to make motor and home insurance renewal quotes easier for customers to compare has been welcomed by the Consumer Council.

The Association of British Insurers (ABI) has pressed the Financial Conduct Authority (FCA) to introduce regulation which would mean clearer policy information for customers and would show last year’s premium alongside the renewal quote.

Eimear Duffy, Senior Policy Officer at the Consumer Council said: “Including the price that consumers paid in the last year together with the new renewal quote would make things much simpler for customers.  The average comprehensive car insurance premium in Northern Ireland is £681, compared to the UK average £579, almost 18 per cent more.  Given that significant savings can be made by shopping around, this would be a fair and welcome move for consumers.

In a Consumer Council survey 40 per cent of motorists said they shop around every year, while 28 per cent do so every couple of years and 31 per cent always use the same company.    

“The Consumer Council has a ‘Driving Down the Cost of Car Insurance’ guide which is available at  Consumers can also call us on 0800 121 6022 or contact us via facebook or twitter for their free copy,” said Eimear.

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