loyalty penalty

Do you know someone who may be affected by the “loyalty penalty”?

Citizens Advice have recently highlighted concerns that certain groups of people in the market are particularly susceptible to the “loyalty penalty” for their home insurance.  They identified that “people in vulnerable states” are particularly likely to be penalised.

Who’s most affected?

Citizens Advice reported that 32% of those paying the loyalty penalty are over 65, compared to 23% of the wider population. Those on low or limited incomes or those who are disabled were also found to be less likely to shop around when their home insurance policy renews.

How can A-Plan help?

These statistics highlight the fact that your elderly relatives, parents and neighbours may all be at risk of being penalised for their loyalty. We’ve helped clients save substantial amounts of money, particularly when they have had their home buildings and contents insurance with a mortgage provider or bank for several years, as these case studies show:

“Mr W from Tooting was insured with his bank, paying close to £500 a year. We were able to provide like-for-like cover for £230 annually, with the addition of optional legal cover. Mr W was very happy to be able to have all his policies under one roof. He wrote to his bank to find out their cancellation fee, which came to £26.88, which we agreed to pay. The client was delighted!”

“Our Hall Green client, Mr H, was paying over £700 for his home insurance with his bank, without accidental damage. We quoted around £400 less and included optional legal and accidental damage. The client was over the moon!”

What can you do?

Whether you’re wanting to save money on your own home insurance or you’re looking out for an elderly relative or neighbour, we’d be delighted to offer, without any obligation, a review of cover and price. Not only could we save you money, but we’ll also offer you the right cover for your needs.

Please call your local branch and let us help today. Rest assured that we treat our clients fairly and shop around on their behalf for the right price and cover, both when they are a new client and every year when they renew!