6 in 10 people have been impacted by dual pricing on insurance

The majority of people in Ireland, almost 6 in 10, have experienced the practice of ‘dual pricing’ on their insurance. However, the figure could well be greater because a further 24% of respondents to a recent survey said they didn’t know what dual pricing was – meaning they may well have unknowingly fallen foul of it.

Dual pricing occurs when an insurer charges loyal customers a higher premium than new customers -despite having similar risk profiles.

The latest nationwide survey of 1,000 people commissioned by insurance provider, Peopl.ie, that was undertaken by iReach, also highlights the fact that while more men than women believe they have experienced dual pricing, it is women who may actually be more at risk of overpaying for insurance products, as almost 3 in 10 were unaware of the practice, compared to less than 2 in 10 men.

Over two thirds of young people aged 18-24 were also found to have been affected.

DO YOUR HOMEWORK

Paul Walsh, CEO of Peopl Insurance commented on the findings. “Our survey really shines a light on just how many people are affected by a practice which, at the very least, is a questionable way of pricing insurance.

The fact that the Central Bank is clamping down on dual practice is to be welcomed - the industry and regulators must work together to ensure fair and equal treatment of all consumers. Our hope is that continued action at government level will further the case for eliminating the practice of dual pricing and that sufficient steps will be taken in order to drive it out.

However, the hands of the consumer are not altogether tied either. As consumers, we can take steps to ensure we are getting the best value on the market – we simply need to shop around. Never auto-renew and never take just one insurers quote as gospel. Do your homework.”