FCA Announces Policy Protecting Car Insurance Renewals

Hey CNB MOTs customers,

What type of car insurance customer are you? Do you tend to stick to the same insurance company for years, or shop around for the next best deal? Well, either way, this recent news published by the Financial Conduct Authority (FCA) is important for you.

Some good, maybe bad news hot off the press for you all -

On the 28th of May 2021, the FCA, who govern the UK's financial markets, announced a new Policy Statement regarding the general insurance market. This includes the car insurance policies for new and existing customers.

In summary, they announced that home and motor insurance customers must be quoted prices that are no more than they would be quoted as a new customer through the same channel.

This means that those who keep and automatically or manually renew their insurance with the same company will be quoted the same price as they would be quoted as a new customer.

In spite of this, critics suggest that prices will now become more expensive for those who shop around for the best deals. What do you think?

You can look at the FCA review on their website here.

About CNB MOTs

CNB MOTs are dedicated to providing every customer with value for money to ensure the continuous running and safety of each vehicle. It’s our mission to ‘ensure every vehicle in Hampshire is maintained to an excellent standard, helping keep every vehicle, driver, passenger and member of the public safe.’

CNB MOTs are able to provide you with all your car or van needs. Besides our MOT testing for cars (class 4 vehicles), we’re able to conduct computer diagnostics, welding work, vehicle body damage repairs, electrical repairs and car servicing. Our location is based in North Baddesley, Hampshire and we're in close driving distance from the following:

  • 5 minutes from Chandler's Ford Train Station

  • 10 minutes from Eastleigh Train Station

  • 15 minutes from Southampton City Centre

To find out more about our MOT Station and why you should choose CNB MOTs, just visit our website here. Thanks for reading our blog!

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