Got this through this morning in an email from MSE. If you are thinking of making changes to your policy it may make sense to delay it for a little while. Regulator the Financial Conduct Authority has announced proposals, likely to be rubber stamped this week and in place by next Wed (13 May), that mean people can get the following: - Payment holidays for 1-3mths on request. This is for those paying monthly insurance and struggling due to coronavirus. As most monthly insurance payments are actually loans, interest still racks up, so only do this if really needed. - Waiving cancellation fees for those ending policies. - Reassessing policies on request to ensure they're suitable. For example, if your car mileage has dropped substantially - and they shouldn't charge fees if you do change. - Remove 'unnecessary' extras on request. For example, if you want to drop your 'key cover' as you're not driving, it should be allowed free of charge.
