Switching car insurance deals means that you'll pay less. But you already knew this, right?
So why are we telling you again? Well...falling premiums (the cost you pay per year to your insurer) means that you could now cut up to a third off the cost of your insurance, according to new research by Which?.
And that's not just it. If you don't want to switch but you haggle with your existing provider then you could slice £38 off your annual car insurance bill.
Researchers looked at over 1,000 drivers as they renewed their car insurance policies and the average quote was £380.
Drivers who shopped around and switched providers saved an average of £131.
Those who didn't shop around but still switched provider cut £75 and those who wanted to stay with the same car insurer but asked for a lower price managed to knock off £38 from the annual fee.
Why is it cheaper to switch?Insurance firms often whack up premiums for existing customers and keep the low rates for new ones.
Also, car insurance premiums have been falling. In January the Association of British Insurers reported in January that premiums fell by £36, or 8.9%, in 2013.
This makes it even more important for those renewing their insurance to shop around.
How to switch car insurance1. Find our your renewal date and ask for a renewal quote.
2. Shop around - use a comparison website to get quotes.
3. Check with suppliers that don't appear on comparison websites, like Direct Line and Aviva.
4. Double check the policy - make sure it's suitable. It's not worth paying a cheaper price if you're not adequately covered. How does it compare to your previous policy?
5. Get cashback. Before you sign up to a new deal check with a cashback website, like Quidco or TopCashback, to see if they have any offers you can use.
What next?Which? is calling on insurance companies to show last year's premium alongside the renewal quote, as it would prompt people into looking for a better deal.
Which? executive director, Richard Lloyd, said: 'People have told us that if insurers made it easy to find out the cost of their old premium it would prompt them to look for a better deal or haggle for a discount.
'So we're asking people to support our campaign calling for all insurers to be more upfront when they send out renewal notices by showing customers the premium they paid last year and explaining any differences.'
To show your support for the campaign visit which.co.uk/campaigns/insurance-renewals and sign the petition.
Where to next?
- Flood damage: How to make a successful insurance claim
- Do you live in a top postcode for car crime?
- Five reasons you should be wary of comparison websites