Consumers can save with loyalty insurance deals
Published On 22 February 2007
Consumers can save themselves money on insurance policies by undertaking a loyalty card offer where they purchase multiple insurance deals in one go. This is the verdict of financial comparison website MoneyExpert, which stated that despite multiple insurance discounts being a smart option only 13 per cent of motor insurers offer such deals.
Figures from the group show motorists are currently being stung for an average annual policy prices at £806. When this is combined with the likes of the London congestion charge and pay to drive toll roads on the UK's motorways, it is no wonder drivers are feeling the pinch.
And while some firms offer up to ten per cent discounts off policies to customers who have cover with them already, some of the biggest savings are available to customers who purchase more than one policy at a time.
According to the study, savings can be as high as 40 per cent for buildings and contents insurance when bought in conjunction with a motor policy.
Sean Gardner, MoneyExpert spokesman, said: "Loyal customers who buy a range of policies from an insurer are being rewarded and that's to be welcomed. It can make sense to put all your business with a company if you value the customer service.
"If customers like and trust an insurer then the firm can afford to offer discounts and it is encouraging some are doing so.
"However with more than 190 comprehensive motor insurance policies on the market it’s surprising how few offer any kind of discount for multiple purchases. Loyalty should count for more."
Among those companies who provide discounts for buying multiple policies are Norwich Union, Virgin Money, Direct Line, Egg, Churchill and Liverpool Victoria.
