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Wait what??
The consumer is barred from swapping providers annually to get better rates? Or are they barred from lying about fake quotes to get a better rate from their current provider?
Edit: By chance did you mean "price walking"? I did some searching online and I couldn't find anything about the UK forbidding consumers from changing insurance companies to seek lower prices by searching for "policy walking" but I did find something about insurers slowly increasing prices on customers (thus creating the need for the behavior I suggested) called "price walking", though I didn't see anything about it's legality. Admittedly, I'm just skimming while working.
A new customer and a renewing customer should get the same price.
If you go to an insurance company to get a quote, as a brand new customer or a renewal, the price should be the same.
Historically, its to prevent companies giving lower prices for the first year and then raising it for the second year.
Youre not allowed to increase the price just because its not a new customer.
Its nothing to do with regulating the customer - its regulating how insurance companies price their products for new vs existing customers.
I said policy walking, but price walking might be the more accurate term
Oooooooh that makes sense! Thanks for explaining. Yeah I wish we had legislation around it here, it's stupid that I have to play games to get lower prices on things.
Wish that were the case where I live. Still I've noticed that what they're now doing is offering the same price to everyone, but then giving the option of free Netflix for 1 year as a sign up bonus or the equivalent credit towards your service for that year, which effectively is the same practice.
To me the it sounds a bit more likely that they're regulating insurance companies and not the customers.
insane, huh?