There are an awful lot of motorists who do not bother to shop around for their car insurance when they receive their annual car insurance renewal notice who, if they had done so, may have found that they could have obtained the cover cheaper with another provider. Insurance providers are keen to take on new business and some no doubt favour new customers with lower premiums than their long-standing policyholders.
Well, the Association of British Insurers (ABI) and the British Insurance Brokers’ Association (BIBA) have recently published their Guiding Principles and Action Points document that may help long-standing motor insurance policyholders financially when renewing their cover. Various commitments have been provided by members of the above two organisations including the likes of them not supporting large differences in premiums between long-standing and new customers.
The above two organisations are to review the success or otherwise of the above principals within a maximum period of two years to assess how successful they have been within the insurance industry.
This news will no doubt be welcomed by drivers who are currently seeing fuel prices continue to rise on the forecourts so anything that can be done to mitigate the increased cost of motoring has got to be welcomed here in the UK.
A lot of motorists will no doubt continue to shop around for their car insurance to try to get a better deal from another provider. This can be done in so many different ways such as by using the services of a high street insurance broker, calling into the branches of a number of banks, the Post Office or going online and using one or more price comparison websites although it should be noted that not all insurers offer their motor insurance through a price comparison website. Do remember that, whilst price is important, the appropriate level of cover should be obtained.
