Reform means firms can no longer quote policyholders a higher price, with possible savings of £120 a year for those renewing
The biggest shake-up to the insurance industry for decades takes place on Saturday, when insurers will be banned from quoting policyholders a higher price to renew their home or motor insurance than they would offer a new customer.
After years of complaints that customers who regularly switched insurer were paying significantly lower premiums than those who renewed, the Financial Conduct Authority (FCA) has said they must be offered the same price.
