FCA Pricing Regulations

What you need to know about the FCA pricing regulation

All insurers must adhere to pricing regulations set by the Financial Conduct Authority.

A new rule was introduced on 1 January 2022 to make sure existing policy holders never pay more than a new customer for a like-for-like policy.

In other words, if you’re an existing Intelligent Insurance policy holder, you can be sure you’ll always pay the same or less than one of our new customers when you renew.

Your quote will be compared to a new customer price on the same day your renewal’s generated, based on the exact same cover you have today.

Existing Customers

As an existing customer, your renewal price will be the same or cheaper than if you were a new customer on an like-for-like policy.

This will be compared to new customer price on the same day your renewal was generated.

When did this come into place?

From the 1st January 2022, every insurer is required to follow the new regulation by the Financial Conduct Authority (FCA)

What do I need to do?

You don’t need to do anything – we’ll check your renewal price against the price you would get as a new customer with us based on:

The policy information we know about you
Your cover including any add-ons
When your policy will renew
How you set up your policy (ie: online or over the phone)

Will my renewal be cheaper?

We'll calculate your price on exactly the same cover you have today, including any add-ons and using the personal information we hold on your current policy, like your date of birth and occupation/employment status.

Your renewal price could still go up or down depending on things like the cost of repairs, or if you've made any claims.

But you won't pay more than if you were a new customer with us, based on the exact same information and cover.

To find out more, please read our renewal premiums explained page.

Why should I stay with Intelligent Insurance?

We know price is a important consideration for all our customers, but that's just one consideration when taking out home insurance. We're proud to say...