You are here: Home - Insurance - News -

Haggling at renewal pays for motor and home insurance customers

Written by:
Haggling with motor and home insurers pays off with more than half of customers who query renewal quotes offered lower prices, according to research

The study by Consumer Intelligence found that 54% of drivers who phoned their existing insurer at renewal received price reductions, with 24% saying they were offered substantial cuts of more than a tenth.

Around 51% of homeowners who haggled with their existing insurer achieved a price cut, with one in five receiving a substantial reduction. On average just 27% of drivers and 26% of homeowners say their insurer would not negotiate.

However the research shows just 38% of drivers and 36% of homeowners always phone their insurer to query the renewal quote missing on potential savings and avoiding the need to switch to competitor.

Ian Hughes, chief executive of Consumer Intelligence said: “Haggling with motor and home insurers clearly pays as drivers and homeowners who make the effort to negotiate have found.

“Insurers are generally receptive to renewal premiums being queried and will offer reductions to try and keep customers and the savings can be substantial at more than 10%.

“The benefits of switching are not always obvious as generally customers prefer to stay loyal and indeed our research shows that it would make more sense for insurers to offer their best price straight away rather than haggling.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week