Insurance costs for new and existing customers are soaring and you are getting less for your money, a year after new rules that were supposed to make the industry fairer for customers.
Car insurance premiums are up 30 per cent in 12 months for new customers and average home insurance costs have soared 17 per cent, according to the data company Consumer Intelligence.
Existing customers are also being asked to pay more, with renewal quotes going up for 55 per cent of car insurance customers and 52 per cent of home insurance customers from July to October last year.
Car insurance premiums are up an eyebrow-raising 30 per cent in 12 months for new customers
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Home and car insurance renewal quotes had been going down in 2021, but that has actually been reversed since a ban introduced by the Financial Conduct
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.