All TDs from across all parties should back the Sinn Féin bill to end the insurance rip-off and ensure customers get a fair price on their car and home insurance.
The Bill will be introduced by Sinn Féin spokesperson on Finance, Pearse Doherty TD, and will end the practice of ‘dual pricing’ whereby insurance companies charge a higher premium to customers who have been with them for a while, despite not giving them any extra benefits.
The rip-off currently costs Irish customers hundreds of euro extra per year on their home and car insurance.
The Bill will be debated in the Dáil this Wednesday.
It’s time to end the insurance rip-off and reduce prices for customers. Insurance costs in Ireland are far too high and it’s time to ensure customers are treated fairly.
Currently, companies are allowed to charge a higher premium to customers who have been with them for a while. This is effectively a loyalty penalty, which sees customers out of pocket by hundreds of Euros every year on their home and car insurance.
This rip-off is outrageous and cannot be allowed to continue. Sinn Féin’s Insurance Bill will finally put an end to this by banning these unfair penalties. This will reduce the cost of home and car insurance for customers.
It will require the Central Bank to draw up and enforce regulations for this ban and give them the power to sanction any banks that breach the ban.
It will require banks to tell you exactly how your premium has been calculated.
The current pricing penalties only serve to cut into customers’ pockets and increase banks’ profits, without providing any better services or cover to policy holders. The practice is now banned in over 20 US states and last year the Financial Conduct Authority announced it will be banned in Britain and the north.
The FCA estimates that introducing a ban would cut insurance costs for customers by 10%. Over a decade it would save customers between €4 – €13 billion in total.
It would also save customers the time and hassle of having to switch between insurance companies in order to keep a competitive price.
It’s time to stick up for Irish customers and ensure it happens here. Irish customers deserve no less.
I am calling on all TDs from all parties to back Sinn Féin’s Bill this week and stick up for customers who have been fleeced by unfair insurance costs for far too long.
It’s time to ban the insurance rip-off and reduce prices for customers.