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In his latest MoneySavingExpert Money Tips email, Martin Lewis urged drivers to check out the offers now before a major new rule change introduced months away. From January 1, 2022, the Financial Conduct Authority (FCA) will introduce new auto insurance rules to end the price march.

This will prevent insurers from gradually raising prices for those who are loyal to suppliers and from offering the cheapest rates to new customers.

However, he warned that the new rule could put an end to “cheap switch deals” across the board.

He said it’s likely companies won’t just cut renewals to match new customer prices.

Instead, all tariffs will change to a new average price to align existing and new customers.

READ MORE: Auto Insurance Prices May Rise Despite New FCA Decision

“So time is running out and the cheapest prices can start to disappear in a matter of weeks or months. “

The FCA confirmed the new price-treading ban in May after the issues were addressed in a market study.

They said millions of home and auto insurance customers “lose” if they repeatedly renew with their current providers.

The analysis found that at least six million loyal policyholders would have saved £ 1.2bn if they had paid average costs instead of inflated rates.

“Consumers can still benefit from researching or negotiating with their current supplier, but won’t be charged more on renewal just for being an existing customer.

“We are making the insurance market work better for millions of people.

“We will be closely monitoring market developments going forward and ensuring that companies continue to deliver fairer value to consumers.”

To check out the new policies, Martin Lewis urged road users to use more than one comparison site and research their own deals.

He said “timing can really help” when getting a new quote with those 23 days before renewal likely to get the cheapest rates.

He added that drivers who decide to leave it later could see the costs “almost double”.

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