Staying with the same home insurer ‘leads to exploitation’
CUSTOMERS who stay with one home insurer are being “exploited” by paying an average of £75 a year more than those who switch.
The study also claims people who remain loyal for more than 20 years are hit with charges double those offered to new clients.
Watchdog Which? found after six years with the same provider, premiums were 54% more while those renewing after a year suffered a leap of 38%. One customer spent £554 a year for six years with one firm but found an identical policy on a comparison site at £335. Which? money editor Harry Rose said: “It is unacceptable that longstanding policyholders are taken for granted and hit by these excessive premiums. “Customers who prefer to stay with one provider are at risk of being exploited.”