We’re calling on insurance companies to show last year’s premium alongside renewal quotes to help people save money. Have you been inspired to look for a better deal when your insurance is up for renewal?
With your help, we’re calling on insurance companies to provide last year’s premium alongside the renewal quote and explain any differences.
We also want insurers to provide customers with their number of years of no-claims-bonuses and make sure renewal letters are received by the customer at least three weeks before the insurance is due to renew.
Printing last year’s premium
This comes as new Which? research shows that 85% of people support having their previous premium on their renewal quote and 62% find it annoying that it is not included.
Clearer information would empower you to more easily compare quotes and could help you save money. Two-thirds (68%) say having last year’s premium would prompt them to look for a better deal with other insurers.
And our major new car insurance renewal investigation has once again highlighted that you might get a poor deal if you trust your insurer to continue giving you a competitive deal into the second and third year of your policy.
Car insurance policyholders who haggled and switched providers on their car insurance managed to save an average of £131 on their renewal offer. While those who did nothing paid just £4 less (due to the company itself applying a small discount between renewal offer and payment).
Those who switched providers saved £105 on average. People who were happy to stay with their current insurer, but took the time to question the renewal rate, saved £38 on average.
What’s been your experience of trying to get a good deal on your renewal from insurance companies? Would providing last year’s premium on your renewal docs help you to find a better deal?