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A lot of the cards are stacked in favour of older, more experienced drivers. That being said, depending upon the exit fee, it may actually be cheaper to change to a new policy if the premium over the year is lower than the old one (as long as its comparable) including that fee.
I was lucky for my policy with esure that, as a long-standing customer, they actually don't charge me if I want the policy altered (probably only once per year/every few years tops), as they did when I changed with 16in OEM wheels to 15in (OEMs as well) when I needed to change one anyway and the tyres.
I even got a £15 reduction in the premium, not necessarily because of the downsizing of the wheels, but likely because premiums generally were cheaper when I told them about it, as they do vary depending upon the time of year, apparently (not just from one year to the next).
Probably worth a look if a sizeable annual discount can be had (make sure its not a cheap 'n' cheerful policy/firm, as its worth paying a bit more for a decent insurer), less so if the difference is under £50 annually.
As Ethan says, many firms give a low initial premium, back jack up the add-ons, raise the excess a LOT and/or exclude many things from claimable items/reasons. Some firms also have a reputation for unjustifiably squeezing clients down on claims where they end up an a much worse position even if the accident was not their fault.
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