I got a new quote from you online which is cheaper than my home or motor renewal price – is this still allowed? Isn't this an example of price walking?
No. Price walking would be where your premium goes up at renewal rather than in line with changes to your risk. The new regulations mean that your renewal price will be the same as or lower than the equivalent price for a new customer, which helps prevent price walking.
If there's a sizeable difference between your renewal price and the new customer quote price you received from us online, it's worth checking that your new quote includes all the same cover as your current policy. You must make sure any quote meets your needs. If you're already insured with us, you can review and make changes to your existing cover at any time.
There are other factors that could result in different prices. For example, on the day we calculate your renewal price, usually 30 days before your policy ends, we check it against the equivalent price for a new customer. If you get a new customer price at a later date, prices may have changed since the original calculation date.
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