Vehicle insurance changes

Phil th Barrow · 19th December 2021, 16:45

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...

Southern Star · 19th December 2021, 17:29

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.

another_clean_sheet · 19th December 2021, 17:39

Quote:

Originally Posted by Phil th Barrow

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

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"

19th December 2021, 16:45	#1
Phil th Barrow Gets stuck in " NOW SOLD" :-( Rover 75 Conni Auto SE Join Date: Feb 2011 Location: Stoke Posts: 896 Thanks: 424 Thanked 214 Times in 163 Posts	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... __________________ [SIGPIC][/SIGPIC]

19th December 2021, 17:29	#2
Southern Star Loves to post Rover 75 CTDi Contemporary SE Join Date: Jul 2013 Location: Stretton-under-Fosse, Warwickshire. Posts: 358 Thanks: 54 Thanked 134 Times in 83 Posts	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.