Martin Lewis warning to every driver amid new car insurance rules
MoneySavingExpert founder Martin Lewis has issued a warning to every driver after new car insurance rules were announced.
The rules, which come into effect at the start of next year, aim to improve competition and protect home and motor insurance customers from loyalty penalties.
The Financial Conduct Authority (FCA) said this includes new rules so that renewal quotes for home and motor insurance consumers are not more expensive than they would be for new customers.
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Known as price walking, many firms increase prices for existing customers each year at renewal.
Consumers therefore have to shop around and switch every year to avoid paying higher prices for being loyal, the ECHO reports.
The FCA found that millions of home …
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