Van insurance

On 1 January 2022, regulator the Financial Conduct Authority (FCA) brings in new insurance rules. They primarily apply to vehicle insurance (car, motorbike, van) and home insurance (buildings & contents), but it's a monumental shake-up - the biggest I remember.

MoneySavingExpert.com founder Martin Lewis says groundbreaking changes to the way insurers charge new and existing customers are soon to be introduced, which will put an end to the 'loyalty premium' shouldered by consumers. 

The cost of van insurance has jumped by a massive 29.5% over the past year, according to new figures from insurance market experts Consumer Intelligence – with the average renewal price now more than £1,600 a year.

Insurance firms must undergo a "cultural shift" and be more upfront about costs to restore trust in the industry, a consumer watchdog is urging.