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Virgin Money launches home insurance backed by right-first-time, no argument customer price promise

13/10/2015

The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. Any consumer interested in learning more about this product should visit our insurance pages.

  • Virgin Money launches home insurance today, backed by a simple price promise for customers
  • Hassle-free renewals, with Virgin Money’s best price at the first time of asking – no argument
  • Customers receive the same price however they buy – online, over the phone or on a price comparison website
  • No administration fees for policy cancellations or ongoing policy changes

Virgin Money has today launched a new range of home insurance policies, backed by a fair and transparent pricing promise. The aim is to take away the hassle and frustration for customers who have grown weary of the perennial struggle to get their home insurance at the best price, at the first time of asking.

Virgin Money guarantees to provide its best possible price for renewal at the first time of asking, rather than play the game that many other insurers do of initially offering a higher renewal quote, before reducing it if customers complain after shopping around and finding a better price.

Virgin Money also offers customers its new home insurance range at the same price, however they choose to buy – online, on the phone or through a price comparison website – so the customer won’t ever buy and then find they could have got a better deal on a Virgin Money policy elsewhere.

The products have also been designed to eliminate annoying administration fees for cancellation and minor policy changes, recognising that what is most important is that the customer’s policy is always current and up-to-date.

The product has been designed based on customer feedback1 which revealed that despite the importance of having home insurance in place, the path to securing peace of mind, at an acceptable price can be stressful and frustrating:

  • 86% of consumers surveyed said that they shop around for a lower price after receiving the first renewal offer from their existing home insurance provider, before they go back to try and negotiate a better renewal price.
  • 96% of those who have shopped around and then gone back to negotiate a better price with their existing provider have been successful in doing so, illustrating the time-wasting nature of the process.
  • 58% of people said they spent over an hour renewing home insurance, while 14% said it took over three hours.
  • 40% of people said they would rather spend that time relaxing with a book or watching a film than haggle with their insurance provider, while over a quarter (27%) would rather socialise with friends and family.
  • However, as many find haggling so wearisome, almost one in four (24%) said they would rather watch paint dry, 23% would rather clean the oven, 18% would rather visit the dentist and 13% would rather clean the cat’s litter tray.


Darrell Evans, Current Accounts, Insurance & Investments Director, said: “Many home insurance companies make customers jump through hoops to get a fair price. We don’t behave in that way – and our ambition has been to launch a range of products that move the market on for the benefit of the customer. With Virgin Home Insurance, our customers get the same price however they choose to buy, a guarantee that we will offer them our best price at the first time of asking when they come to renew, and we don’t have administration fees designed to catch customers out when they need to make minor changes part-way through their policy.

“Customers have told us they are totally fed-up with the way that the insurance market works today, and so our aim has been to find a way to make things better. With our new Home Insurance we will simply offer the best price we can, first time and every time. No quibbling, no painful negotiation, no annoying administration fees, just our best price.”

Virgin Money’s home insurance is delivered in partnership with Ageas, and further information can be found at www.virginmoney.com


Ends

Media Contacts
Virgin Money Press Office:
0191 279 4676
press.office@virginmoney.com

NOTES TO EDITORS

1Survey results

Virgin Money commissioned Populus to survey 2,006 GB adults online between 26 and 28 June 2015.

About Virgin Money

  • Virgin Money provides savings, mortgages, credit cards, current accounts, pensions, investment and protection products
  • Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to our shareholders
  • Virgin Money is the official sponsor of the London Marathon, the biggest annual one-day fundraising event in the world. Virgin Money has helped London Marathon runners raise over £¼ billion, including funds raised through Virgin Money Giving the not-for-profit online fundraising service, since 2010.

Supplementary notes

  • Ageas UK is a leading provider of award-winning insurance solutions in the United Kingdom.
  • Ageas UK distributes Personal and Commercial products underwritten by Ageas Insurance Limited through brokers, intermediaries, affinity partners, the internet and through its own wholly or part-owned companies trading as Ageas Retail, which also distributes products of other providers.
  • Insuring around eight million customers and working with a range of partners, Ageas UK is recognised for delivering consistent and high-quality customer experiences.
  • It employs around 5,500 people with offices based across the UK


Supplementary notes

  • The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. Any consumer interested in learning more about this product should visit virginmoney.com/insurance for full terms and conditions.

Virgin Money plc - Registered in England and Wales (Company No. 6952311). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.