But only 13 per cent of motor insurers offer discounts for multiple purchases
Motorists can get multiple insurance discounts by playing the loyalty card and signing up for other insurance products with the same provider, new analysis* from MoneyExpert.com shows.
But the independent financial comparison website says loyalty doesnít often pay, with just 13 per cent of motor insurers offering discounts to customers who buy other types of insurance polices from them in addition to motor cover.
With average annual comprehensive motor insurance policies at an all-time high cost of £806** and predicted to go higher MoneyExpert.com is urging drivers to grab any chance to cut their bills.
Some firms offer up to 10 per cent off motor insurance policies to customers who have other cover with them. However the biggest discounts are on offer to customers who buy other policies in addition to motor cover ñ they can be as high as 40 per cent off buildings and contents insurance, the independent financial comparison website says.
Companies which offer discounts to customers buying policies for more than one product include Norwich Union, Virgin Money, Direct Line, Egg, Churchill and Liverpool Victoria.
Sean Gardner, Chief Executive of MoneyExpert.com, said: ìLoyal customers who buy a range of policies from an insurer are being rewarded and thatís to be welcomed. It can make sense to put all your business with a company if you value the customer service.
ìIf customers like and trust an insurer then the firm can afford to offer discounts and it is encouraging some are doing so.
"However with more than 190 comprehensive motor insurance policies on the market itís surprising how few offer any kind of discount for multiple purchases. Loyalty should count for more.”
MoneyExpert.com analysis shows that the discounts range from around five per cent off motor insurance at Argos if you have home insurance with them to as much as 40 per cent off home insurance and 25 per cent off breakdown cover at Direct Line if you already have motor insurance. NatWest offers 10 per cent off motor insurance to customers who already have home insurance or annual travel insurance with it.
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* MoneyExpert.com analysis of the Defaqto Aequos Database 16th February 2007
** AA Insurance Index