Virgin Money looking to shake up the home insurance market

Buying and renewing your home insurance ought to be a straightforward job, but with different prices charged depending whether you buy direct from an insurer or via a price comparison site trying to get suitable cover at the right price has become a real chore.

However things may be about to change as Virgin Money this week launched its home insurance product with the promise that their customers will be offered the same price whether they buy by phone, via the internet or through a price comparison provider.

Another welcome promise from Virgin is that it’s fair and transparent pricing structure means they won’t play games at renewal by quoting a higher price and then backing down if challenged by the customer – Virgin is taking the stance that it will offer its best price at the first time of asking.

Its research found that more than 80 per cent of people shop around for a better deal on renewal but when they go back to their insurer to cancel after finding a cheaper deal elsewhere, their insurer suddenly offers a lower price in an attempt to retain their custom.

A further plus point is that these products won’t have any hidden nasties buried in the small print with Virgin eliminating the annoying charges often levied by insurers for cancellation or if you want to make minor amendments to your cover.

Customers are fed up with the games that insurers play in order to extract maximum profits from them, let’s hope Virgin provides the wakeup call the industry needs so there’s no longer that feeling of despair when the annual renewal papers land on the doormat.

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