Insurance Industry must stop punishing loyal customers with dual pricing – Pearse Doherty TD
Sinn Féin Finance spokesperson Pearse Doherty TD has called on the insurance industry to end the practice of dual pricing that punishes loyal customers when they renew their insurance. He encouraged customers to apply for an insurance premium online before accepting the renewal premium offered by their insurance companies.
This comes after Teachta Doherty received a letter with his insurance premium renewal being priced at €855.88.
In a social media video, the Donegal TD outlined how he was able to reduce his renewal premium by €285 by applying for a premium online instead. He then called his insurance company Liberty Insurance, to ask if he could get a better price. The advisor told him the best price they could offer was €814.
Teachta Doherty said:
“After being offered a renewal premium of €856 by Liberty insurance, and then being told that the best price they could offer was €814, I went onto their website and was quoted a premium of €571 after inputting exactly the same details.
“This is a 33% reduction that Liberty Insurance refused to provide over the phone.
“This practice, of punishing loyal customers when they renew their premium, is called dual pricing. It is unfair, undermines consumer protection and must end immediately.
“While we in Sinn Féin move forward in finding solutions to end this practice, I would advise customers to seek online quotes before automatically accepting the renewal quotes offered by the insurance companies.
“There has to be a major overhaul of the insurance industry, and Sinn Féin is the party willing to take them on and end the rip off.”
Dozens of people have responded to Pearse Doherty’s video via Twitter outlining similar experiences.
Note to editors: A link to the aforementioned video can be found here.