Loan protection at a twelfth of the cost of high street competitors

Britishinsurance.com has launched a new loan protection insurance policy, offering borrowers cover that they claim is at a fraction of the cost they are being forced to pay on the high street.

 

Launching its loan protection cover, Britishinsurance.com suggest that "High street providers are still cashing in at customers’ expense, and charging up to 12 times more for their policies. This comes at a time when the market is under review from the Competition Commission and has been blasted for poor practice by the Office of Fair Trading."

 

Simon Burgess managing director of Britishinsurance.com says he is happy to offer excellent value to consumers, but worries that too many still fall into the clutching arms of high street banks and building societies.

 

Simon says: “There is simply no excuse for providers to be charging such high prices and there can be no way in which to justify them. It is incredible that the FSA has not taken action to abolish this sort of practice, which fails to treat consumers fairly on so many different levels. The industry needs not only to stop providers charging outrageous prices, but also educate consumers to the fact they are being ripped off, and show them how easy it is to take out protection insurance independently of their loan."