Insurer’s That Punish Loyalty
Paying higher prices because of your loyalty sounds like a ridiculous concept to most of us. We would all like to think that loyalty should be rewarded and not punished. But not so, according to a recent Central Bank of Ireland report on ‘differential or dual pricing’, in insurance, or as the Central Bank put it, ‘customers with the longest tenure (loyalty) paying more’.
A finding in a report by the UK’s insurance regulators identified that, of those customers punished for their loyalty by paying too much for their policy. 1 out of 3 were potentially vulnerable customers, including senior citizens and those on lower incomes.
A review by the Central Bank indicates a key reason for this price increase is that many Irish people do not review their home insurance when it comes up for renewal. The study found that 72% of Irish consumers fall into this category and as a result are paying higher prices than they should be.
Getting The Best For You
Peopl Insurance believes that the consumers buying insurance need to work together to get the best price for policies that suit them. For too long, insurance companies focused on attracting new customers, knowing many would not search after year one.
This is why we at Capital Credit Union have opted to work with Peopl Insurance.
Supporting Our Members
Like Capital Credit Union, the primary goal of Peopl Insurance is to look out for the best interests of its customers. Peopl do this by shopping around for your insurance when your renewal comes up to find you the best price available, they are not tied to any one insurance company and as such their loyalty is to their customers and by extension our members.
As one of the most trusted financial institutions in the country, Credit Unions are leading the way by working with community-focused companies such as Peopl to change the way insurance companies do business in Ireland.
Get a quote from Peopl Insurance here and see if they can save you money on your insurance.