Well hush my mouth if I’m not finally seeing things the Daily Mail way.
They are currently running a campaign naming and shaming insurers for the colossal premium increases which so many of us receive at renewal time.
They point out that around 80% of us simply accept the renewal proposal from our existing insurers, naively thinking that our loyalty might be worth something.
Why shouldn’t we, when we are reassured on a daily basis by opera singers, meerkats, James Corden et al that they are all looking out for us?
In fact your loyalty is viewed by the insurers as laziness and stupidity, and is routinely and cynically trashed. Repeat customers are the real gravy for the insurers. No need to compete, quote or hassle for the business. Send out the renewal notice and watch the money roll in.
What they don’t tell you is that all of us suckers could save hundreds if not thousands of pounds in 15 minutes by going onto a Price Comparison website.
It is really not that difficult. The Mail is particularly incensed because so many of its readers are from a constituency which might kindly be described as the “digitally challenged”, and which represents easy pickings for the unscrupulous.
The Mail also called out the constant “Poor Mouth” whingeing from the industry that they are always operating at a loss.
Direct Line (yes that Direct Line which the taxpayer had to bail out as part of RBS ) boss Paul Geddes earned £4.1 million last year, Admiral Insurance made profits of £298 million, Royal and Sun Alliance made £101 million. To name but a few.
This comes on the back of the Transport Select Committee and in particular East Lothian MP George Kerewan finally asking the indusrty to account for itself.
The Mail has called for Competition and Marketing Authority to carry out a consultation. Readers of the Secret Insider will know we have already had a recent CMA consultation which revealed all kinds of rip offs and which has been quietly buried by the insurance industry.
They say that sunlight is the best disinfectant, so maybe this latest campaign might get some traction.
The short term fix for consumers?
Go onto a Price Comparison Website, or find a 12 year child who can do it for you.
That of course is just the starting point and my Secret Insider book has lots of further tips and tricks which can shave off hundreds for you.
Meanwhile, fair play to the Daily Mail, and best of luck with its campaign.
(Did I really say that? I am off to lie down in a darkened room.)