Loyalty penalty ban to save insurance customers £4.2bn.
From next January, car and home insurance renewal quotes may not be any more expensive than those offered to new customers.
https://www.fca.org.uk/news/press-re...urance-markets
After renegotiating the quotes given on both policies down to new customer levels our Car and Home insurance company (Saga) gave us a 3 year fixed price Insurance premium on both the policies last year.
Slightly dearer than some other company's quotes last year but this year what we have paid is very competitive with other quotes I found on comparison sites. .
It will be interesting to see how the new legislation works and how it effects costing for both customers and insurers.