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A ban on price walking in the motor and home insurance markets will come into effect from 1 July 2022. This means that, from 1 July, insurance providers cannot charge relevant renewing customers a premium that is higher than they would have charged an equivalent year one consumer renewing their policy. However, to support competition and switching, new customer discounts will be allowed.
With regard to the renewal process, the Regulations set out the information that must be provided to consumers in advance of the automatic renewal of policies, including the right to cancellation.
Further information on the new rules is available here.
