Loyal insurance customers renewing their home or motor policy will get the same deals as new customers under a radical pricing shake-up (Tim Goode/PA)Loyal insurance customers renewing their home or motor policy will get the same deals as new customers under a radical pricing shake-up. The regulator previously found new customers pay around £285 for motor insurance while customers who have been with their provider for more than five years pay £370. And new customers for contents-only insurance pay £56 while customers who have been with their provider for more than five years pay £138. Motor insurance customers aged under 45 remain loyal for less than two years on average. Home and motor insurance firms will also have to report data to the FCA so it can supervise the market more effectively.

Source: Irish Independent May 28, 2021 09:11 UTC