According to one car insurance comparison website’s recently conducted research study, one out of every five drivers is willing to bin their insurance provider if offered savings of £25 on their car insurance rates.
However, the research discovered that 25 per cent of motorists will still auto-renew insurance with their current provider instead of shopping around for discount car insurance quotes. These drivers would need to be offered at £78 worth of savings to consider switching, the research also found.
According to industry experts, comparing premium prices at renewal can lead to an average of £348 saved, which proves that it’s worth the effort to shop around. Those over the age of 55 considered switching providers for just over £50 on average, while younger motorists were more aggressive, looking for an average of nearly £62 worth in savings.
Motorists living in the South West were the least complacent regionally, with the research findings showing that an average savings of £43.04 was enough to satisfy a decision to change insurers. Meanwhile, Londoners were either the most satisfied or most apathetic with their insurance premiums, claiming that they needed to be able to save nearly £72 before taking the plunge and switching insurers themselves.
It was no surprise to find that price was the key motivator for switching providers. However, almost 10 per cent of motorists said they would switch for such incentives as free breakdown cover or cashback, and an overwhelming 98 per cent of motorists said that customer service was not a significant reason for changing insurance providers and instead decided to stick it out even in the face of long phone queues at call centres.