Are car insurance rates negotiable?

Some things in life are fixed expenses. Things like your mortgage, your car repayments, and your rent, are all costs that are usually the same month in, month out. While you can try to negotiate a better deal on these payments it's unlikely you can get the banks or your landlord to budge too much. 

Insurance is another matter. Because there is so much competition within the insurance industry, and because it is a relatively simple process to switch insurance providers, you may be able to get a better deal on your insurance premium with some simple tactics. 

If you need your car repaired, Sheen will help you get back on the road sooner. We can even speak to your insurance provider on your behalf. For a great quote and friendly service, call Sheen first. 

Can you negotiate car insurance?

Car insurance forms part of the larger spectrum of insurances, with home, contents, health, and life insurance just a couple of the other products you can protect yourself with.

Because insurance providers would love as many of your insurance products on their books as possible, many providers accept negotiations quite willingly as a means to keep your business.

• You absolutely can negotiate on car insurance, with the knowledge that your business is a valuable asset to your insurance provider. 
• If you have multiple insurance products with an insurer it is worth asking your provider if they can offer you a better combination deal. 

While negotiating might seem a bit uncomfortable, the fact is that insurers get asked for a better deal all the time. The worst thing that can happen is your insurer says no, so it's well worth the effort to ask for a better price. 

Tips on how to negotiate your car insurance 

The best time to negotiate car insurance prices is around the end of your policy. It is worth calling your insurer to have a chat to them as you will get an actual estimate of premiums (as opposed to getting an online quote).

• Ask your insurance provider why your renewal notice is so high - and ask them if this is the best price you can get.
• Discuss multiple policies (if relevant) and ask your insurer if you can get a multi-policy discount. 
• Mention that you have been given a cheaper quote by another insurance provider and ask your insurer if they are willing to match it. 
• If you have other policies with another provider, consider rolling them in with one provider for a cheaper rate on all the policies.

It might feel a little intimidating asking for a better price, but the result might be a saving of hundreds of dollars! So it's totally worth putting yourself out there.

How to know what you should be paying

When you negotiate it is important to know what you should be paying as a premium; that way you know if you are getting a good deal or not.

• Work out what level of cover you need - whether it's comprehensive insurance or third party insurance
• Call around to insurance providers or use a comparison site to get an idea of what the going rate is
• Make a note of the level of cover, and if there are exclusions or excesses that you need to be aware of

Identify the best possible rate for the level of cover you need to aim to either get your current insurance provider to meet you there, or be prepared to move your business elsewhere. 

What to look for when choosing insurance providers

While we have focused on price pretty heavily here as a way of discerning the best possible insurance provider, there are plenty of other factors worth considering.

• Do you get to choose your repairer with your car insurance provider? 
• Do you have to pay excess in the event of a not-at-fault claim? 
• Is there a no claims bonus with your insurer? 
• Are you covered for personal items in your vehicle which may be lost if your car is stolen?
• Does your insurer provide new for old replacement? 
• Is there a cooling off period? 

As you can see there are a range of other factors which may justify paying a slightly higher premium in exchange for features that suit your particular requirements.

In summary... 

No matter what we think it is always worth asking your insurer if the price you are quoted is their best price, because you never know - it might not be. As long as you are happy with the cover and confident your insurer will look after your best interests.

If you need smash repairs after an accident, call Sheen Panel Service. You can upload a picture of your smash and we will get back to you promptly. We can even tow you from wherever you are in Melbourne or beyond, and offer 24/7 towing and emergency towing.