Martin Lewis issues car insurance warning after FCA update – 'price difference will fall'

2 mins read

After spending years urging drivers to shop around instead of automatically renewing their agreements to save money, Mr Lewis is now teaching the reverse. It comes after the Financial Conduct Authority (FCA) updated its rules to ban companies from price waking.

“But it’s bad news for those who actively seek the best deals.

“While they should still be able to save due to competition, differences will fall, and they’ll pay more overall.”

However, despite the new rules coming into effect from January, Mr Lewis warned insurers would likely make changes well before.

Therefore, he has warned the cheapest prices are likely to disappear rapidly” over the coming weeks.

“So I suggest everyone check ASAP to see if you can cut costs by grabbing cheaper switchers’ deals.

“If you’re approaching the end of your policy, you could shop around for cheaper deal now.

“If you’re mid-policy, it’s still worth comparing prices.

“Even if not at renewal, if savings are big, it can be worth moving now to lock in cheaper prices.”

Leave a Reply

Your email address will not be published.

Latest from Blog