Car Insurance Customers Save Over £200 by Haggling on Renewal Quotes

Strategic Insights -

Consumer group Which has found that nearly six in ten drivers who haggled with their insurance provider received a reduction to their original price quote, with some saving as much as £200. The survey of over 2,000 people across the UK revealed that 61% of those who contacted their insurer received a price reduction, with an average annual saving of £64. However, vulnerable customers who may need additional support were more likely to face challenges when trying to haggle, despite receiving similar price reductions.

Key Takeaways:

  • 59% of drivers haggled with their insurance provider, with most doing so over the phone
  • 61% of those who contacted their insurer received a price reduction to the original quote
  • The average annual savings for those who haggled was £64
  • 5% of drivers saved more than £200 after haggling
  • Nearly half (49%) of drivers noticed their premium increase at renewal
  • Vulnerable customers were more likely to discuss their premium with their insurer, but were also more likely to have to change their policy to get the lower price
  • These customers were also less likely to say they found the process easy and more likely to have to change their policy to get the lower price

Statistics:

  • 59% of drivers haggled with their insurance provider
  • 61% of those who contacted their insurer received a price reduction
  • Average annual savings for those who haggled: £64
  • 5% of drivers saved more than £200 after haggling
  • 49% of drivers saw their premium increase at renewal
  • 27% of drivers saw a reduction in their premium
  • 23% of drivers reported no change in their premium

Sources:

  • Which
  • Deltapoll (carried out a survey of over 2,000 people in April and May)

Note: The Association of British Insurers (ABI) spokesperson is also mentioned in the article, but is not included in the sources list as they are not a primary source cited in the article.