Insurance companies know most customers auto-renew without checking prices. This costs you hundreds. Being proactive saves significant money.
The Loyalty Penalty
Insurers typically increase prices for existing customers each year, while offering cheaper prices to new customers. This 'loyalty penalty' can be £100+ on car insurance alone.
- New customer deals are cheaper
- Auto-renewal penalises loyalty
- Start looking 3 weeks before renewal
How to Switch
Use comparison sites (Compare the Market, GoCompare, MoneySuperMarket). Get quotes at least 2 weeks before renewal. Set calendar reminders. Don't just auto-renew.
Can I negotiate with my current insurer?
Yes. Call them with a quote from a competitor. They often match or beat it to keep you. Be prepared to leave if they won't budge.
Reduce Premiums
Increase voluntary excess. Install security devices. Park off-road. Pay annually instead of monthly. Bundle home and car for discounts.
- insurance
- renewal
- switch
- car insurance
- home insurance
- UK