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Loyalty penalties on UK car and home insurance to end

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People who automatically renew policy are often charged higher premiums than new customers

Customers who renew their home or motor insurance will not be charged more than new policyholders after the financial watchdog put an end to companies charging a loyalty penalty.

People who automatically renew their policy with their insurer are often charged higher premiums than new customers, who tend to be offered the best deals.

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