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Will car insurance companies price match?

When you’re about to hand over your money for your weekly supermarket shop, you probably don’t think about asking for a discount – but, if you were buying a car, you might see if you could talk your salesperson down a little. 

Talking to companies about price matching and discounts is tricky – in some cases it’s perfectly acceptable, but in others, it’s not the accepted way of doing business.

So, what about car insurance?  

Is it reasonable to ask your car insurance provider to knock its price down a little to match another quote you’ve had? Or should you just pay your premium and focus on driving your car?

Here, we’ll look in a little detail about whether or not insurance company price match – as well as how you can make sure you’re comparing like-for-like if you push for a better price.

Do insurance companies price match?

In many cases, car insurance companies will move a little (and sometimes a lot) on the price you’ve been quoted – but it depends on your circumstances. 

For example, if you’re a new customer looking for an insurer for your new car, there’s a good chance you’ll get a competitive quote straight away. In contrast, if you’re an existing customer and you’re sent a price that your insurance will auto-renew at, there’s a good chance you could call and have this price significantly discounted.

Why?

Well, it’s all to do with customer behaviour.

Insurance companies understand that most people compare prices when they seek new car insurance – but equally, they also know that existing customers often let their policies automatically renew. So, it makes sense to be as competitive as possible when you’re looking to win new business – but if you know many of your customers are going to let their insurance renew at the price they’re given, there’s no need to be quite so competitive. 

Haggling as a new customer

If you’re a new customer getting quotes and comparing prices, there’s absolutely no harm in asking for a further discount when you come to buy your policy. You’ll need to have details of the policy that you’re comparing with to hand – as your insurer will want to know some specifics – but as long as the cover and the benefits are the same, they may well match your price. 

Results will vary from provider to provider – so don’t be put off if the first one says no, as the next company you speak to might be more flexible.

Don’t forget though; insurance isn’t all about price. The cheapest policy you find might offer a very basic level of cover with some exclusions – whereas you might find that for a small amount more, you get a policy that comes with extras like breakdown cover, gadget insurance, and a courtesy car – as an example. 

Take your time to compare your options carefully, and go for the one that’s the best value for you and your needs – rather than just the cheapest.

Haggling as an existing customer

Auto-renewing costs UK car insurance customers a lot of money. According to one comparison site’s research, 4.6 million drivers allowed their cover to renew in 2018 – which meant they missed out on a collective saving of nearly £600 million.
So, it pays to haggle.

If you want to push for a price match, you can simply say that you intend to use the other company if they don’t offer you the same price and the same benefits. It can be a double saving if they say yes – as people taking new policies often have to pay 20% as a deposit – whereas you’ll probably just continue making a monthly payment with your existing provider. 

Again, like you would if you’re a new customer, it’s a great idea to have the quote you’d like them to price match in your hand – so you can be certain you’re getting the same benefits and conditions across the board. Don’t be fooled into thinking they’re bringing the price down if they’re simply removing benefits – as you might find you end up with a low-price deal that doesn’t represent great value.

Other related FAQs

Looking for more related content to this? We’ve picked a selection of related topics that you may find helpful

Generally, car insurance payouts are not taxable. The only exception to this rule is if any repair done to your car actually boosts its value – but the way insurers work means this is unlikely to happen.

Your job can be a factor when an insurance company is working out how much to charge for your premium - and this can mean that there are certain good occupations for cheap car insurance.

Although it’s perfectly legal to have two car insurance policies running at the same time, it can make claims unnecessarily complicated. As such, it’s worth making sure you only have one policy in place for your vehicle.

Yes - a car insurance provider can find out if you have any penalty points on your driving licence, even if choose not to disclose them during the application process.

There are many factors that determine the price of car insurance, and some drivers find that the cost of their premiums starts to decrease once they hit a certain age.

All cars are assigned into a group based on how much they cost to insure, with group 1 being the cheapest to insure up to group 50 being the most expensive. Insurance groups are a rating of the car for insurance purposes.

Comparing car insurance quotes is quick and easy, especially if you use a broker or comparison website. Simply enter your details and you’ll be able to browse and compare quotes from different providers.

If you’re using your vehicle for anything related to the work you do, then you’ll need to let your insurer know and pay for the right level of cover. If you don’t – you may find you’re driving illegally.

Although it will be registered, getting car insurance quotes does not have an impact on your credit rating, so it won’t be taken into account if you apply for a loan or other form of credit in the future.

The level of cover you need when it comes to car insurance depends on what you want to be able to claim for.