The insurance market is so terrible right now that industry experts are advising drivers to haggle their little hearts out when it comes to your renewal quotes – especially since drivers miss out on about £2.8 billion a year collectively by sticking with their old, expensive insurance provider.
If you don’t relish the idea of ringing up your current provider and haggling, there are other things you can do, according to the Institute of Advanced Motorists. One of the most important things is to always go to a competitor and at least get a new quote; this has a high chance to save you some dosh since car insurance companies are notorious for attracting new customers by offering them their most inexpensive deals.
IAM’s policy and research director, Neil Greig, said that drivers have even more options if shopping around for a better offer proves fruitless. You can reduce your annual mileage, increase your voluntary excess, or take your insurer’s certified test, all of which is likely to reduce your expense, but be warned that there are some consequences.
Increasing your excess, or the amount you pay out of pocket in the event of an accident, could prove to be a false economy if you can’t afford to repair your car in the event of a bad crack-up. Even the most careful of motorists are vulnerable, as it just takes one prang-and-run whilst your car’s parked to ruin your day.
Just remember, Mr Greig said, that all insurers are in competition for your business. Never simply accept the first figure you’re given, and instead haggle with your current supplier or shop around for a replacement.