Staying loyal still does not pay, irrespective of whether their exorbitant renewal premium is the same as a new customer would pay for identical cover. Shopping around still remains the best way to obtain a more affordable deal. While the regulator can now claim the insurance market is a little bit fairer for its intervention, any talk of ‘savings’ is for the fairies. Insurance premium inflation is currently rampant and will not come down until next spring at the earliest. But for all the FCA’s meddling, the insurance market remains as dysfunctional as it has ever been.

Source: Daily Mail September 12, 2023 22:00 UTC