Having just received this from LV:
I'd like to tell you about a new regulation from the Financial Conduct Authority (FCA). For all motor or home insurance renewal quotes generated on or after 1 January 2022, we'll make sure the price you pay is the same or cheaper than if you were a new customer with us for a like-for-like policy.
This significant change will impact every motor and home insurer in the UK but it won’t affect your cover or the quality of our service.
I assume this means that new users will now pay a higher price to match existing customer prices of course. Might it go the other way and you start to get a loyalty discount perhaps?
The cynic in me sees "like-for-like" - ah yes, sir, your premium IS higher than a new customer, but you see, there are slightly different terms for the first year...
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An end to insurance rate-hopping? new
An end to insurance rate-hopping? new