Motorists have received discounts of £200 on car insurance renewal quotes after haggling, Which? has found.
The consumer group said the size of some price reductions raises questions about whether insurers are offering fair value.
Around six in ten drivers (59 per cent) said they haggled with their insurer, with most doing so over the phone. And 61 per cent of those who contacted their insurer got a discount on the original price offered.
The average amount motorists saved per year was £64 – with 5 per cent saying they were able to save more than £200 after haggling.
Overall, the survey of 2,000 drivers, carried out in April and May, found 49 per cent had seen their premium go up at their last renewal, while 27 per cent saw a reduction.
Motorists have received discounts of £200 on car insurance renewal quotes after haggling, Which? has found
The study also indicated that customers facing challenges at renewal – health conditions, financial problems or lacking confidence or capability – were more likely to have to change their policy to get a lower price.
Which? said there are ‘serious questions’ over whether a first offer from an insurer always represents fair value, leading to some customers paying over the odds.
Sam Richardson, deputy editor of Which? Money, said haggling is ‘likely to be one of the most effective ways to cut the cost of your renewal’.
Trade group the Association of British Insurers insisted its members ‘take their commitment to their customers and regulatory requirements seriously’.
Around six in ten drivers (59%) said they haggled with their insurer, with most doing so over the phone
A spokesman said: ‘Variations between an initial online quote and a bespoke phone offer often come down to a deeper dive into individual factors which may have changed from the previous policy – your vehicle’s security measures, driving habits, level of cover and choice of voluntary excess.
‘Whether to offer cover and at what price is a commercial decision for individual insurers based on their risk appetite.’
In 2022, rules were introduced to end what is known as a ‘loyalty penalty’, stipulating that the renewal price for existing home and car insurance customers cannot be higher than what is offered to new customers for the equivalent policy.
Which? accepts many people find haggling ‘daunting’, but suggests that customers ask their insurer to justify any price increases on their renewal premium, highlight any cheaper deals found elsewhere and ask if they are willing to match them.
