Sinn Fein’s Finance Spokesperson says the Central Bank’s finding that companies penalise insurance customers for their loyalty is a victory for consumers.
On average, long-term car insurance customers are charged 14% more versus those renewing for the first time.
While loyal home insurance customers pay 32% extra.
The regulator says it will now ban this type of dual pricing.
Donegal Deputy Pearse Doherty who has long called for dual pricing to be banned, says the focus will now move to implement the Central Bank’s recommendations:
