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Insurers could be forced to come clean to their customers on how much they paid the previous year, to make it easy for households to check if their premiums have been pushed up significantly.

 

Up until now, insurers have not had to tell their customers how much they have been paying when it’s time to renew, so it is difficult to tell whether the new premium is competitive or not.

 

A study today reveals that few customers can remember off the top of their heads what they had agreed to pay a year earlier and many just agree to roll over and pay for another year.

 

The proposal by the City watchdog is designed to tackle concerns that loyal customers see their premiums rise if they stay with the same insurer, particularly for a long period of time.

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I did this for years, just let it roll from year to year not knowing exactly how much they had increased the premium.

Not any more, check every year and switch when it's to my advantage.

 
 

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