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OPINION: Sinn Féin will fight to end the rip-off insurance scandal

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05.10.2019

» Pearse Doherty

"These companies exploit vulnerable customers who do not know about dual pricing, relying on their loyalty to charge extortionate prices and push up their own profit margins." - Pearse Doherty TD

Customers and businesses across Ireland are being charged rip-off prices by the insurance industry day in, day out.

There is no better example of this than the industry’s practice of price discrimination that punishes loyal customers when they renew their annual premium. Loyal customers, who have been with their companies for years, are quoted sky-high premiums on renewal. They receive no goodwill for their loyalty.

The outrageous thing is that, many renewal quotations are often a swindle. This practice, of punishing loyal customers when they renew their policy, is called dual pricing. It is a systematic scam costing costumers hundreds of euros every year without their knowledge.

Earlier this week, I was able to expose the industry by showing how they were overcharging me by 33%. Despite the company telling me on the phone that they could not go any lower, I was able to secure a 33% reduction simply by entering my details onto their website.

But this isn't just my story. One of the many cases I've dealt with resulted in a saving of €1,400 by doing the same.

This what's called the 'Loyalty Premium', or 'Dual Pricing', and it has become standard practice within the insurance industry.

These companies exploit vulnerable customers who do not know about dual pricing, relying on their loyalty to charge........

© An Phoblacht