Negotiating an acceptable insurance renewal premium

See our earlier NEWS items on the insurance renewal topic


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Time to haggle on motor insurance renewals. 171219 NEWS


Insurance renewals. Gateway


Posted: 190102

Negotiating an acceptable insurance renewal premium
One member has been in touch to say "I received my insurance renewal and once again it showed an increase in the renewal premium of 15%, far in excess of my annual salary increase at work, so I took my usual approach with the insurer.

My approach is to simply say " My premium has increased by "X". I should like to continue insuring with you, what can you do to help me please?" Every time I have used this approach it has resulted in a revised premium very close to that of the previous year. I am sure that each insurer will value a positive approach from clients in return for repeat business". It's worth a try.

Sadly loyalty counts for very little these days or worse - some insurers and utility providers regard loyal customers as fodder ripe for a rip off. The excess "loyal stuffees" pay up on renewals goes to subsidise the competitive quotes the providers offer in the market to those shopping around. But haggling is not a natural activity for many but sadly one most will have to accept now if they do not simply roll over on renewal and pay up as a "loyal stuffee".