many motorists simply resign themselves to accepting their renewal price
(PRWEB UK) 23 April 2012
The prevailing pricing model for premiums appears to offer the best deals to new customers in an attempt to attract new business. Car insurance comparison site Tiger.co.uk investigates.
Increases in car insurance premiums were widely reported during 2010 and the first half of 2011 and Tiger Watch, the price watch monitor from Tiger.co.uk, has recently reported that inflation could be returning to the market once again. With this in mind, it has come as a shock to some consumers to hear that many insurers might be offering cheaper car insurance quotes for the same cover to new customers compared to the renewal offers they are making to existing customers.
According to Watchdog, many motorists simply resign themselves to accepting their renewal price, when in fact they should always check other companies as cheaper car insurance deals can often be found. In an example featured in the programme, one shopper was quoted £250 more at renewal than he was offered by the same insurer for the same policy when he ran a quote online.
Andrew Goulborn, Commercial Director for car insurance comparison site Tiger.co.uk commented: “Many factors can affect a motorist’s insurance renewal rate including claims history and perceived risk. Most of our insurance partners are committed to providing motorists with the best possible deal on their car insurance and they place value on both existing and new policy holders alike. As highlighted by the Watchdog report however, it usually pays to shop around. Somewhat surprisingly, there are a fairly high proportion of motorists who automatically extend their existing policy at renewal. We would always advise motorists to compare car insurance using a site like Tiger.co.uk prior to accepting a renewal or taking out a policy for the first time as there could be significant savings to be made. We would also advise motorists to make sure that they select a policy based on their individual driving requirements and not just on price.”
Tiger.co.uk is a trading name of Call Connection Ltd. Tiger.co.uk is a UK based, independent motor insurance comparison site, offering insurance quotes from over 140 insurance brands. Call Connection Ltd is authorised and regulated by the Financial Services Authority (number 308374).