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Drivers will save £200 as insurance 'loyalty penalty' outlawed

Drivers will save £200 as insurance loyalty penalty outlawed City watchdog says the reforms will save customers £3.7bn over a decade 28 May 2021 • 9:32am Loyal customers could save up to £200 a year on their car and home insurance after the City watchdog confirmed plans to ban the so-called loyalty penalty. For many years, insurance firms have kept the best deals for new customers while charging existing policyholders more when they renew. Less financially savvy customers who do not shop around each year have paid more as a result. The Financial Conduct Authority confirmed it will outlaw this practice from September, also known as “price walking”, and make it easier for policyholders to cancel the automatic renewal of their policy.

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UK watchdog to protect home, motor insurance customers from 'loyalty penalty'

Britain's financial regulator said on Friday it will move to protect consumers from so-called loyalty penalties in motor and home insurance, potentially saving an estimated 4.2 billion pounds ($5.95 billion) over 10 years.

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End of the road for £1bn-a-year insurance rip-off

Share The change, which begins in January, is expected to save customers an estimated £4.2billion over a decade. It means those who have been unwittingly paying unreasonably high premiums – around six million policyholders – could have them slashed when the measures come into effect. The changes will put an end to the very high prices paid by many loyal customers , the regulator said. On average a new customer pays £285 for motor insurance while those who have been with their provider for more than five years pay £370. I saved £1,000 by finding a new provider Sam Devo s car insurer failed to reward his loyalty so he took his business elsewhere

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Higher insurance premiums for loyal customers banned by regulator

Higher insurance premiums for loyal customers banned by regulator
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United kingdomBritishGareth shawIan hughesMatthew uptonRodney bonnardCharlotte clarkHargreaves lansdownSarah colesAssociation of british insurersFinancial conduct authorityConsumer intelligenceBritish insurersMarkets authorityCitizens adviceஒன்றுபட்டது கிஂக்டம்

Higher insurance premiums for loyal customers banned by regulator

Higher insurance premiums for loyal customers banned by regulator
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United kingdomBritishGareth shawIan hughesMatthew uptonRodney bonnardCharlotte clarkHargreaves lansdownSarah colesAssociation of british insurersConsumer intelligenceBritish insurersMarkets authorityCitizens adviceஒன்றுபட்டது கிஂக்டம்பிரிட்டிஷ்