Consumers renewing their motor or home insurance policy cannot be charged more than new customers since rule changes introduced by watchdog the Financial Conduct Authority (FCA) came into force on January 1, 2022.
Previously, renewal quotes for existing customers may be significantly higher than prices offered to new customers, who are frequently offered the best deals. The rule change will bring premiums into line, and are aimed at making things fairer for consumers.
However, it remains important to shop around for the cheapest policy for your needs, as there could still be significant savings.
Make a note of when your existing insurance policy is up for renewal, and take some time to shop around for a new deal in the weeks before it expires. Compare renewal quotes with the best deals, and it may be worth speaking to your current insurer to see if they can reduce the cost of their policy to compete with the cheapest on the market for your circumstances.
It’s a similar story with other types of insurance such as home and pet cover, so if any of your policies are soon up for renewal, always compare quotes from several other providers first to see if you can find a better deal.
If your insurance renewal is coming up soon, you can compare car insurance quotes or home insurance quotes today, or if your insurance isn’t up for renewal just yet, let us know your renewal month here and we can send you a reminder nearer the time.