Haggling: you’re either good at it, or you’re not. But when it comes to car insurance, a little negotiation could go a long way. That’s according to market research agency Consumer Intelligence.
It found that despite the average cost of an insurance premium rising, haggling with your existing provider at renewal time could still result in a lower price.
A staggering one in five motorists who haggle are offered lower premiums by their existing insurer, who will frequently match the best prices quoted elsewhere.
It’s never been easier to search for alternatives to your current insurance provider. Price comparison websites do the majority of the legwork, leaving you to select the most appropriate deal (or arm yourself with alternatives ahead of calling your car insurance company).
It’s particularly galling to see your current provider on a price comparison site offering a lower price exclusively for new customers.
Be prepared to haggle
However, if Consumer Intelligence is to be believed, it pays to contact your insurer to see if they’ll match the prices offered elsewhere. Ian Hughes, chief executive of Consumer Intelligence, said: “Haggling with insurers clearly pays, as drivers who make the effort to negotiate are finding.
“Insurers are generally receptive to renewal premiums being queried and will offer reductions to try and keep customers. It’s always cheaper to keep a customer than find a new one.
“When premiums are rising and other people are haggling successfully there really is no excuse for not haggling or shopping around.”
Data from Consumer Intelligence’s Car Insurance Index shows it’s younger drivers who are paying the highest bills, with under-25s the worst hit. Young drivers can achieve a more affordable price by taking out a telematics-based policy.
The message is clear: learn some haggling tips from Bargain Hunt and you could save money on your car insurance. Release your inner David Dickinson for the real deal.