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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
Higher insurance premiums for loyal customers banned by regulator
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Higher insurance premiums for loyal customers banned by regulator
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