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The state owned banks in the UK are taking advantage of several innocent car insurance customers. The customers have been asked to avail insurance products that are offered by the state owned banks in the UK. According to sources from the insurance industry, the state owned banks that have been bailed out by taxpayers are asking more money for the insurance products from their customers. The state owned banks are demanding more than the on-line providers or the insurance brokers. Companies like the Lloyds Banking Group and RBS/NatWest are the ones who are offering car insurance policies at extremely high rates.
This revelation is not at all surprising to the leading van insurance companies in the UK. Many of them are even aware of this fact and are of the view that for several years the prices of insurance policies sold by the state owned banks have been higher than the normal market price. Such financial institutions are taking advantage of their customers whenever they come to seek help for their car insurance needs to them, in the form of a car loan or a mortgage. In such a situation, the managers of the state owned banks offer these customers insurance of their company. In the fear of losing their loan, such customers are unwillingly accepting these policies. Once they have accepted the policy, problems start to uncover in the form of rising rates.
Experts from the insurance industry are gauging the common reason behind this fact, as state owned banks are heavily dependant on the current accounts of their clients. This contributes to the high rate of their insurance policies. Availing their insurance policies at the beginning will seem fruitful but with time, the rates will only go up. Get innumerable insurance options from the online medium. Sit back and go through the sites to get a car insurance that suits well with your car needs. Compare car insurance policies of leading companies at the comfort of your home.
Article written by the marketing division of Compare.Com.