Some home insurers are charging nearly 35% APR on monthly payments, according to research by consumer group Which?
The rates being charged by some insurers to pay for monthly cover resemble the interest applicable for credit card borrowing, the consumer group added.Thirty nine car insurers and 34 home insurers were asked what APRs were being applied to monthly payments.
1st Central said: "We understand it is important to customers that we keep the price of insurance as low as possible - and benchmarking tells us that we are competitive for both annual premiums and for those that wish to pay monthly through a credit arrangement. For home insurance, the highest rate in the study was from Co-op Insurance - where it was found that customers pay between 31.31% to 34.75% APR on monthly payments.Co-op Insurance, which works with partners to provide insurance cover, said it is looking to reduce rates where possible.
"At Co-op, we are committed to transparency for our customers and have taken such an approach when responding to Which? throughout this process." Since January 2022, motor and home insurers have been required to provide fair value on their products and those requirements have been further strengthened by the introduction of the Financial Conduct Authority 's Consumer Duty last year.
A spokesperson for the Association of British Insurers said: "Our members understand how important access to appropriate insurance is for their customers and are very aware of the financial pressures households are currently under.
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