Insurance premiums have fallen, on average, by 25 per cent in two years. But industry experts are predicting even more falls in 2015. The recent cut in interest rates, new providers flooding the market, tightening industry regulations are all reasons insurers are dropping their premiums in an effort to attract customers.

But consumers can’t expect to be offered these deals, they’re going to have to negotiate for them.

Just as consumers are trying for the bst deals, so are insurers. If they can get you to pay above the standard they will. So it is incumbent on everyone to do their homework, shop around, and be ruthless when considering policies.

In an effort to get business most insurers will offer better deals to new, rather than existing, customers. The best thing you can do is to shop around for these honeymoon deals and then ask your current provider to price match.

“Even if you plan to stay with your current provider, ask them whether they’ll offer you a loyalty discount to match another qyoote,” says Kirsty Lamont, marketing director at the comparison site Mozo.

“Insuers are now much more willing to compete on price. This is down to new entrants lie Youi, Progressive and the major supermarkets.

“Competition is also driven by the ease and regularity of switching insurance providers unlike banking which is far more complicated”

Some insurance advantages you can use to strong-arm a better deal from your provider are:

  1. 10 per cent plus discounts and waivers for seniors.
  2. Asking for an increased excess to reduce premiums.
  3. 5 per cent plus savings by bundling car, boat, home to your existing insurance policy.
  4. Contact an insurance broker for the best deals, especially for non-standard insurance items.
  5. Negotiate a no-claim discount into your policy.
  6. Pay annually. Much cheaper than monthly or quarterly.
  7. Look for offers like ‘Will beat any quote by x per cent on a like-for-lie basis’, and then hold them to it.
  8. Check out the perks associated with frequent flyer points and insurance.
  9. Youi are offering 20 per cent off contents insurance when your car and contents are insured with them.
  10. Check out the $100 saving offer for comprehensive car insurance offered by AAMI for online quotes.

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