From 1st April insurance companies must tell you how much you paid for your car insurance last year when providing their renewal quote. They must also explain how you could save money by shopping around for your next year’s insurance policy. This won’t deter people from staying loyal to their current provider though, as 41% of drivers asked by MoneySupermarket said they wouldn’t bother to shop around and would accept their renewal price.

Car Insurance

Certificate of motor insurance and policy schedule with car key

As of next month the Financial Conduct Authority (FCA) are introducing a new rule that means insurance companies must inform policyholders how much they paid for the last year’s insurance when they provide them with a renewal price.

Last year, drivers wasted a staggering £2.4billion simply by accepting their auto-renewal premium from their current provider and not shopping around for motor insurance.

Comparison site, MoneySupermarket, have said that over half of Britons opt to stay with their insurance company rather than changing to another insurer that could have offered a more competitive premium.

But from this Saturday, insurance companies are legally obliged to tell their customers how much their soon to expire policy has cost them before they can provide their quote for renewing the cover.

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Renewal documentation must also clearly highlight any increase in price and information explaining how the customer could save money by shopping around for a cheaper policy.

Even with all of this information, it’s expected that millions of drivers will take the “easy” option and allow their cover to automatically renew with their current car insurance provider even though it could cost them hundreds of pounds.

At Quote Chief we’re providing a quick and simple solution to compare insurance for people that are charged higher, sometimes unfair, prices for cover. If you’re looking to save money and need convicted driver insurance, taxi driver insurance, fast food delivery driver insurance or any other type of higher-risk insurance; we can help.