Private Car, Commercial Vehicle and Household Insurance Pricing
New rules come into force from 1st January 2022 which mean that insurers will no longer be allowed to offer a renewal premium for more than they would offer an equivalent new business.
In theory this should mean that insurers can no longer offer better rates to new customers for their first year, and then spend the next few years "price walking" the premium higher and higher. Basically, loyalty should no longer be punished by insurance companies.
In practice it could actually mean that next year a lot of customers see their price go up regardless of how long they have been with the current insurer as insurance companies try to make up for the discounted new business they are no longer bringing in!
This is what happened in 2012-13 after insurers were told they were no longer allowed to take gender into account when setting premiums. For private car insurance young men's premiums fell by an average of 10%, but young women's premiums increased by around 30%.
Our advice would be, especially if you haven't in a few years, that next year you ought to be shopping around on your private car, commercial vehicle, or household insurance renewal.
...Unless you already have a broker that takes care of that kind of thing for you so that you don't have to worry!