I just got the renewal notice for my car insurance. It is over £50 less than last year.
Why?
The car is the same. The drivers are the same. I live in the same place. I have had the full no claims discount for years.
I wonder if it is anything to do with this -
"The biggest shake-up to the insurance industry for decades takes place on Saturday, when insurers will be banned from quoting policyholders a higher price to renew their home or motor insurance than they would offer a new customer.
After years of complaints that customers who regularly switched insurer were paying significantly lower premiums than those who renewed, the Financial Conduct Authority (FCA) has said they must be offered the same price."
In other words the insurance companies have been overcharging loyal customers [like me] and using the money to buy new customers.
You can read the full article here https://www.theguardian.com/money/2021/dec/30/landmark-uk-insurance-shakeup-poised-to-benefit-loyal-customers
My insurers are Direct Line.
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