If, like me, you recently received your car insurance renewal you may have been a little shocked, or even angered, to see the price of your premium has actually gone up.
You’ve made no claims on your cover, kept a clean record and successfully added another year to your NCB, so why has your premium gone up.
The reality is you should not be surprised this has happened; in fact you should have expected it.
Quite simply, car insurance companies increase premiums upon renewal in an attempt to increase profits. With the market being so competitive companies are forced to offer low quotes to attract new customers. They then bank on customer lethargy when renewal time cones around to cash in at your expense.
There has never been such a wide choice when it comes to renewing you motor insurance policy but many people still don’t take advantage of this, instead allowing themselves to be exploited by increased renewal costs.
My advice is when your renewal comes through hit the comparison sites. A quick Google search will find some great sites to compare car insurance quotes. You’ll find the established sites such as confused.com and moneysupermarket.com as well as other you may not be familiar with.
These sites work incredibly quickly so run searches on several of them to find the cheapest car insurance quotes on offer. Then contact your existing provider and challenge them to beat you best price on a like-for-like quote.
If they can, and you’re happy with them that’s great. If not, announce their renewal letter is now in the trash and you will take your business to a more competitive provider.
If your loyalty is not rewarded do not give it. After all, there’s plenty more insurers in the sea.
