Renewing car or home insurance policies can cost more than expected at times, especially when prices increase over time.
However, the Financial Conduct Authority (FCA) has now said that existing customers should not have to pay more when they renew a car or home insurance policy than if they were a new customer.
Existing customers charged same as new customers
Changes to the renewal system would mean that if you bought the policy online, you will be charged the same price as a new customer also buying online.
Ten million policies across home and motor insurance are held by people who have been with their provider for five years or more, but in 2018, the FCA