Car insurance firms will review each customer’s circumstances and will be asked to assess whether motorists would benefit from a different service.
This could see many customers with fully comprehensive agreements being switched to third party, fire and theft policies to save costs.
The FCA’s new guidelines have also introduced payment holidays as standard meaning customers can delay their costs for up to three months.
However, last week Mr Lewis warned against taking any payment holidays as motorists would pick up “hideous” interest rates.
Published at Wed, 20 May 2020 09:51:00 +0000