We’re in a particularly jovial mood this week, as we simply love delivering good news! And this is quite the juicy titbit of news too… Pricing based on “loyalty” is due to be scrapped from January 2022.
This is an excellent boost for us motorists. You may remember a post we made a few months back about what loyalty could cost you. So, we’re absolutely made up to give you this great news courtesy of an investigation conducted by the FCA (Financial Conduct Authority). Sounds pretty serious, doesn’t it?
Well, it is! Did you know that car insurance providers rack up 1.2 billion smackers in profit through targeting drivers unlikely to switch insurers? The aforementioned post advised you to always shop around for car insurance quotes, whether you think you’re getting a good renewal quote or not. However, there are always going to be groups of vulnerable drivers out there who might not be as digitally skilled, or know how to use an online comparison tool. For example, some elderly drivers.
This means automatic renewal prices will be shaken up. No longer will your premium increase automatically, even if you want to stay loyal to your car insurance provider. However, there are still some unfortunate instances in which you could find the price increasing. For example, if you were lured in by a particularly low cost deal to begin with. These are usually offered to draw in new customers.
To put it simply… From January 2022, the price that an insurer offers a completely new customer, will also have to be offered to you. Even if you’re about to renew with the same provider for the tenth time.
There’s more good news on the horizon, too. Have you ever wanted to cancel a policy about to auto-renew, but it was all too much of a faff? Some car insurance providers do make it a right mission. Ring about 10 different numbers, or click on this link, and then this other link here… Well now, there’s a rule that requires providers to ensure cancelling is clear and easy for their consumers. There’s a lot of work to be done on their end, right?
Trust us, we know what we’re talking about when it comes to good deals on cheap car insurance. Simply fill out the details here to shop around for the best deals, and you’ll see what we’re talking about.