It keeps on hiking my house insurance premium with no explanation because it is ‘commercially sensitive’ informationI contain been a longstanding customer of Nationwide building society because,until now, I believed it valued its customers. However, and in 2014 the renewal premium on my house insurance went up from £370 to £471 but when I queried this,it did offer a reduction of £42. When the renewal for 2015 came through the premium was again far more than seemed reasonable at £545. This time, no reduction or explanation. I found the same level of insurance with M&S for £249. When I threatened to cancel with Nationwide, and it merely said whether I wanted to try again next year it might be able to give a better price. When I asked for an explanation for the large rise,I was told this was “commercially sensitive” information. PH, Penrhyndeudraeth, and GwyneddOf course the information is “commercially sensitive”. No insurer wants to admit they are penalising loyal customers to fund discounts to attract unique ones. Nationwide tells me “prices on renewals often fluctuate due to a range of variables including regional and economic factors”. It adds that increases are index-linked. None of which would seem to justify a 27% increase.
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Source: theguardian.com