Vehicle insurance changes
 

As anyone heard of this... This is taken from Martin Lewis web site.

From 2022, insurers must prove, on aggregate, they charge new and existing customers getting insurance via the same 'channel' the same price, including vouchers or cashback. All good for those who don't switch, or do, but don't want the hassle.

PS: The 'channel' bit means, for example, it can still charge different prices on different comparison sites, provided existing customers who originally came via that site are charged the same.

Prices likely to jump for switchers. 21 days before its due is best time for vehicles..

My best guess is firms won't just cut renewal prices to match those for newbies - rates will meet nearer the middle (as happened in 2012, when insurers were barred from gender price discrimination). This will mean savings from switching will likely relatively reduce.

It was possible insurers would have already made price changes knowing this was coming. Yet I've heard many have waited until December to see what their competitors do - a 'who jumps first' strategy - especially as we're near the year end, a time they really want to acquire new customers (prices already dipped in November).

So we're still unsure of how this will work exactly, but prices for switchers are very likely to be relatively higher for January. So...

I've been quoted £149.95 for next year's Fully Comp insurance with protected NCB so to be honest even if the changes added 10% to that it wouldn't be a game changer.

From memory this was announced 6+ months ago.
If your renewal is due in January, you might find it is worth renewing early if you are a "switcher"