People are angry at sneaky insurance charges

24 July 2014

insurance Two out of three people are incensed about paying the sneaky charges hidden in the small print of insurance policies. It’s becoming a thing now to insert charges for cancellations or amendments to your policy and consumers are NOT happy.

A Which!!! survey revealed that nearly half of insurance firms have increased admin fees in the last few years – fees that have no real basis in reality, like a £20 charge to set up a policy or get copies of documents.

So why all the secret fees and subterfuge? Well, it’s those goddamn comparison websites, innit?

Insurance companies want to keep those all important headline fees down, so they have to spread the actual cost somewhere else. It’s also happening with mortgages, credit cards and bank accounts. In fact, it’s like the whole world is turning into Ryanair.

And we’re getting wise to it, too. 68% of those surveyed said they were aware of the manipulative trickery that companies employ to keep headline costs down.

Hit it, Ricardo Lloyd-o! "Consumers are fed up with being hit with unexpected, additional costs for financial products that lead to them paying more than they bargained for. These fees can be hard to avoid, and people often don’t know what they’re really paying for."

"We want the financial services industry to stop sneaky fees and charges, and put an end to excessive, unclear and hard to compare fees that do nothing to improve the low level of trust in these markets."

You betcha.

TOPICS:   Consumer Advice   Insurance   UK News   Economy

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