Will the new guidelines mean my motor or home renewal price will come down?
It's possible, as the guidelines mean the price to renew your cover will be the same as or lower than the equivalent price for a new customer. As a result of the new guidelines, we expect overall prices for new customers to rise across the whole industry, and renewal prices to come down overall. That doesn't guarantee you'll see a drop in your price, partly because we'd already taken steps to limit price differences between new customers and those who are renewing their policy.
Also, we create our prices individually for each customer based on a whole range of factors. This is where our size and experience as an insurer really shines through, as we can use the information we've built up to match each customer's price to their specific circumstances. So we're confident that we price each quote accurately, both for our new customers and those who are renewing with us.
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