Virgin Money is also offering customers its range at the same price, however they choose to buy – online, on the phone or through a price comparison website – as part of a "fair and transparent pricing promise". Additionally, there are no administration fees for policy cancellations or ongoing policy changes.
The product has been designed based on customer feedback which found that 86% of consumers 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 (of which 96% were successful in doing so).
Darrell Evans, Current Accounts, Insurance & Investments Director, had this to say on the announcement of the launch: “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."
