Good news for those who carry car and or home insurance is to begin January 1, 2022. Beginning then, insurers cannot charge current customers more than what they would offer a new customer.

The new rule is to protect loyal existing customers, and was set by the FCA/Financial Conduct Authority.

You probably know the situation many car and home insurance clients face looking to save money, every year they go “price walking” to comparison web sites, or look around for a better deal on their car or home insurance. This is due to the fact their current insurer may be raising their premiums, and as a new customer to a different insurance company, they can offer you lower or reduced premiums to entice you to sign with them.

Will no more.

Previously it was almost like a “loyalty penalty” if you stayed with your current insurer, as they would offer new customers a lower rate.

The FCA have stated that this new rule and change, is expected to save loyal customers around £4.2 billion over the next 10 years.

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