The Financial Conduct Authority (FCA) have set new pricing rules to ensure all renewal prices are either the same or cheaper than if you were to come to us as a new customer for a like for like policy. The new rules will apply to all renewal quotes which are generated from 1st January 2022.
There are a few things you should know about this:
At renewal, we’ll check the price you’d get as a new customer with the same motor or home cover and we’ll ensure your price matches or beats it.
The policy must be a like-for-like policy, i.e. exactly the same risk details.
Prices change regularly and vary from one day to the next
The change will affect every motor and home provider in the UK.
It won’t affect your cover or the quality of service we offer you.
This doesn’t mean you will always pay less than you did last year. Your renewal price could go up or down depending on things like if you’ve made any claims, any changes you’ve made to your policy and market conditions.
You don’t need to do anything; we’ll handle it all.
You can opt out of auto-renewal at any time by contacting our customer services team online or by phone or you can email us at email@example.com make sure to include your broker reference number and vehicle registration. Please note the email MUST be sent from the one we hold on file in order to process your request. By opting out of automatic renewal, your policy will expire at the renewal date. You will need to ensure you have alternative cover in place.