A premium victory

ISN’T loyalty supposed to be a virtue? Not to shameless insurance firms who see it as a chance to fleece millions of customers.

Unscrupulous companies prey on longstanding consumers by sharply hiking the cost of their home and car cover in the hope that they won’t notice.

The result? Trusting policyholders, or those too unfamiliar with the internet to switch to better deals, are duped out of hundreds of pounds. The rip- off costs households an incredible £1.1billion a year, with the elderly the worst affected.

Now, in a major victory for the Mail, these financial sharks are being reeled in.

Spurred into action by our ongoing campaign, the City watchdog seeks to bring in strict new rules which ban firms from charging existing customers more than new ones.

Insurers might grumble. But instead of cleaning up their act, too many thumbed their nose and cashed in while they could.

It’s about time customers are patted on the back, not punished, for their loyalty.