When you go shopping for certain things you may try to negotiate on the price the retailer is asking. Examples of this are house buying and purchasing cars although, in my case, I will try and get a reduction on numerous purchases I make whether that is clothes in a major department store or a watch in a jeweler’s shop.
Car insurers appear reluctant to negotiate over the amount of their premiums with potential new customers
After all, what is the worst the retailer can say: “No” but sometimes I am pleased to inform you they will say: “Yes”.
How does the saying go- “ If you don’t ask, you don’t get”.
So, if you are looking for car insurance for the first time how likely is it that you can negotiate a reduction in the premium the car insurance company is quoting. Well, unfortunately, you have no chance it would seem. Insurers are not prepared to budge when it comes to their premiums for new business. The price they are quoting is what you have to pay.
However, there is nothing to stop you shopping around for a cheaper premium as there are numerous insurers in the marketplace many of whom can be accessed through a price comparison website. Do be careful that you are comparing like with like as far as the benefits are concerned.
However, when you may be able to negotiate on your premiums is if you are an existing client and you receive your renewal notice that frequently tells you that your premium is going to be increasing for the next 12 months. When you receive your renewal notice why not see if you can get the same cover somewhere else for less by using, yes, a price comparison website.
Then, if you can get a lower premium, pick up the phone to your existing insurer and tell them you can get cheaper cover and see if they will match it to retain the business. Some of you may be pleasantly surprised at the response although some may not.
Remember what I said earlier: “If you don’t ask, you don’t get”.
Good luck.
