Dec 5, 2018
Aviva to break the ‘loyalty penalty’ for home and car insurance
Aviva says that it plans to start offering loyal customers the same prices as new ones, breaking with one the most controversial practices in the insurance industry. The Competition & Markets Authority is investigating a so-called super-complaint from Citizen's Advice about the cost of loyalty in a number of industries, while in October the Financial Conduct Authority launched its own probe into insurance pricing. It will be available initially for car and home insurance but could eventually be rolled out to other types of insurance such as travel. The prices Aviva charges for a particular policy could still change year on year depending on claims made and other factors such as the cost of replacing car parts or the cost of labour. "There will be some customers that say 'I'm happy to shop around every year' . . . there'll be others that say 'I'd rather have a better relationship with my insurance company and not have to shop around every year'."
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