Britain Coronavirus cover Provident and Britain

Home and car insurance rules will change for everyone in the UK on New Year’s Day

Reading now: 117
dailyrecord.co.uk

Car and home insurance customers will stop paying a 'loyalty penalty' when their deal comes up for renewal from New Year’s Day.

New rules mean that insurers will be required to offer renewing customers a price that is no higher than they would pay as a new customer, but those who regularly shop around for a cheaper deal, who are often younger customers, could end up paying more, with discounts potentially becoming smaller.

Many firms have increased prices for existing customers each year at renewal in a practice known as 'price walking'. This has distorted the market as new customers may have been offered below-cost prices by firms to attract them in and then ended up paying more over time if they renewed their insurance.

Read more on dailyrecord.co.uk
The website starsalert.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.

Related News

DMCA