A report by industry regulator the Financial Conduct Authority (FCA) today suggests that £1.2 billion is being overcharged on home and car insurance alone.
The FCA estimate that around 6 million people might be paying £200 a year more than they should be.
If you’ve stayed with the same insurer for a few years, there’s a chance you’re overpaying.
There’s no compensation scheme like there was for PPI, but you can ask your insurer if you’ve been paying too much.
This is especially true if you check online and see that you’d get a better deal as a new customer.
This is an emerging issue, so keep your eye on the news.
Resolver will be providing more guidance next week.
In the meantime, you can use Resolver to contact your insurer if you’re concerned about being overcharged.