State Owned Banks Will Rip You Off When You Buy Their Insurance Products
Market Wire, March, 2010
A recent investigation by the Daily Mail has revealed that banks which were bailed out by the tax-payer, and are now predominantly state- owned, are overcharging their customers by hundreds of pounds compared to the premiums charged by insurance brokers and on-line providers. The investigation discovered that RBS/Natwest and Lloyds Banking Group are selling car, home and travel insurance to their loyal customers at a rate which is obscenely high.
The figures showed that in some cases a family of four would pay GBP 1,330 more by going with the Halifax, a retired couple would be GBP 364 worse off by choosing RBS/Natwest and a young couple who were customers of either of these banks would pay up to GBP 493 more than if they went to a comparison site. The young couple would be charged GBP 927 by RBS/Natwest, GBP 869 by LloydsTSB and GBP 793 by HSBC. But online they would only have paid GBP 434, and GBP 529 through an insurance broker. A family insuring just their home in Bristol would pay GBP 361 through LloydsTSB, GBP 354 through Halifax and GBP 338 through RBS/Natwest
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