Consumers have become increasingly powerful in the insurance sector with innovations like comparison websites forcing insurers to compete for their business. Now it seems that some companies may even be willing to haggle to hang on to their customers.
Citing MoneySavingExpert.com founder Martin Lewis, the Birmingham Mail reported the top 10 firms you can haggle with quite successfully – naming two insurers among that list. Here’s the line-up, based on a survey of those who have tried their luck:
Lewis told BBC Radio 5 Live’s Emma Barnett that the best time to haggle is towards the end of your contract, when you may opt to leave penalty-free.
“They are mature businesses desperate to keep you,” he said. “They don’t want you to go elsewhere because everyone’s got their products, so all they have got is to try to retain business. That means you are in a haggling world.”
His advice? Be polite and charming, not aggressive. “Think of it as a form of financial flirtation,” said Lewis.
He added that, whatever you do, do not go for automatic renewal.
“They hope you won’t haggle because many people don’t,” explained Lewis. “They just auto-renew, which is the great money-saving sin.”