Prices paid for home and motor insurance are changing due to new rules coming into effect on 1 January to protect loyal and vulnerable consumers.
That means prices for those who switch regularly will go up, while long-standing customers will pay less.Brian Brown, consumer finance expert at market analysts Defaqto, said there was no sign of insurers leaving the market as a result, meaning customers still had plenty of choice of products.The policy is designed to end cases of "price walking", which is when a customer is charged more year after year, by staying with the same insurance company - even though their risk is no greater.
But for the same policy, having stayed with the same insurer for five years, that annual premium rose to £238. The new rules are being brought in by the FCA in the New Year following a super-complaint from Citizens Advice about the loyalty penalty.
Source: Insurance Report (insurancereport.net)
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