You know how we are always banging on here at Cheap Car Insurance about how important it is to check your policy each year to make sure that you get the very best deal on your car insurance?
Well the good news is that in the future, you may not be quite so shocked by the difference between the quote price you’ve been offered by your current insurer, compared to the price being offered by a new insurer.
Because a new ruling by the Financial Conduct Authority has ruled that customers should not pay any more to renew their car insurance, than they would if they were a new customer. Their reseach showed that six million of you were paying very high margins on your car insurance policy, when, had you taken our advice and found yourself a new policy, you could have saved a packet. The amount overcharged to existing customers when compared to new customers amounts to a tidy £1.2 billion quid.
We don’t have any more details at present about how this may be enforced and when the changes will happen, but it’s definitely good news, particularly for those of you who don’t make a point of checking the best car insurance deals out there before you renew your policy.
And it also doesn’t mean that you won’t still get a better car insurance deal elsewhere by simply running our quote tool and seeing what is out there and if another provider could offer you a better deal. But we absolutely welcome these changes and are in favour of unfair penalties on drivers who choose to stay loyal to their insurance company.