Anybody who owns a car will know that insurance can be seriously costly - especially when you can't benefit from new customer discounts.But under new proposals by the City regulator, home and motor insurance customers should pay no more when renewing their policy than they would if they were new to their provider.It means that for existing consumers, their renewal price would be no higher than the equivalent new-business price.However, with firms being unable to charge renewing customers more than new customers in future under the plans, it could mean the disappearance of some ultra-cheap deals from the market.The proposals, made by the Financial Conduct Authority (FCA), would apply through the same sales channel.For example, if the.
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