Money | What to consider when renewing car insurance

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Car insurance renewal time is no fun, especially in the face of rising premiums. Being proactive and informed can help you save cash, and time.

Has your car insurance premium increased? If so, you are just one of thousands facing huge hikes in their premiums with that figure set to increase again next year.

While it can feel that all insurance companies are hiking premium, there is still some hope that you can get a better rate by various methods.

You should receive your renewal notice at least 15 days before your present cover expires. This gives you ample time to price check other options in the market.

Check all details on your renewal offer. There are many factors that could have an impact on your premium including change in address, position and what you are using your car for. As you have another year of driving experience, this should have a positive impact.

A car’s resale value can also change in a year. This can mean that you might be overestimating it when doing your quote. There are many sites such as and that can give you an idea of what your car might be actually worth.

When you get your renewal policy, source three quotes from other competitors. Armed with your prices, contact your existing insurer and question your own rate and why it has increased. They will want to keep you as a customer and so may reduce the premium to match the prices. Ensure to ask if that is their best and final offer – you may be surprised that you can get another small reduction.

Once you have your insurers quote, go back to your other three quoted providers. Advise them of your renewal rate. Many companies have a ‘match best renewal’ offer on like-for-like policies. If you don’t ask, you will not receive!