How to keep premiums down in the current economic landscape?

With March one of the most busy months of the year when it comes to renewing motor car insurance policies, many drivers are looking for ways to keep costs down in the current economic landscape, experts say.

Car insurance rates seem to keep going up and up with no respite in sight for beleaguered motorists already coping with other rising costs, such as the price of petrol.  This month can be quite painful for many drivers, especially with so many motorists traditionally purchasing both new and used cars in years past during March, leading to untold millions of Brits renewing their policies whilst grumbing about the lack of discount car insurance quotes.

Experts say that around one out of every three Brits simply automatically renewed their current provider’s quote the previous year, acting through the mistaken belief that their loyalty would be rewarded by a cheaper – or at least competitive rate.  However, this is almost never the case, with insurers banking on the apathy or clueless nature of their customers and raising their rates year-on-year.

Insurers do this because the majority of their attention goes towards recruiting new customers.  These car insurance companies will provide highly competitive rates to new drivers, but need to finance this by charging their existing customers more – and many Brits have found it better to switch providers year after year instead of getting stuck with an unbearably large premium price.

Sometimes all it takes to get an insurer in line is to get a quote from a competitor, then ringing up your current provider.  When confronted with the possibility of a customer leaving, many firms will offer discounts and incentives to stay, oftentimes matching the competitor’s quote.

© 2021 All rights reserved. Reproduction in whole or in part without permission is prohibited. See our copyright notice.

What do you think?

Please note that email addresses are not visible on approved comments.