03 December, 2019

Around six million car insurance customers are not getting a good deal

Around six million policyholders pay high prices and are not getting a good deal on their insurance, the financial watchdog has said.

The Financial Conduct Authority (FCA) published the findings alongside an interim report into the pricing of home and motor insurance.

It said that it was considering solutions to improve the market, which could include banning or restricting raising prices for loyal customers who renew year-on-year, or requiring firms to automatically move customers to cheaper equivalent deals.

And it added that if the six million people that weren't getting a good deal paid the average price for their risk, they could save around £1.2 billion a year.

But what did the FCA say? Read the full story on the MoneySavingExpert

Source : MoneySavingExpert

Link : https://www.moneysavingexpert.com/news/2019/10/six-million-insurance-holders--not-getting-a-good-deal-/