As the past few years since the credit crunch and resultant worldwide economic depression have made it harder for many to keep the household finances in order, many Brits have been bargain-hunting regarding their car insurance companies.
Research conducted by one car insurance comparison site found that 50 per cent more people are regularly switching from their current provider to a discount car insurance company than they were two years ago. In the past 12 months more than three out of every four consumers have made use of an online car insurance comparison site, the research also found.
Brits have not only been switching car insurance providers in an attempt to save cash, the research also indicated. The last year saw 22 per cent of respondents switching home insurance, while 4 per cent switched bank accounts and 9 per cent switched utility providers.
However, the figures also show how the lion’s share of Brits are not switching on crucial financial products that could save them cash, while many have been with their original providers this whole time. 28 per cent admitted to never switching their bank account, while 9.5 per cent are still with their original energy provider and 18 per cent are with the same provider for their mobile phone as they were when they purchased one years ago.
One insurance expert commented on the trend, stating that they were encouraged to see more Brits taking the initiative and switching insurers. However, the expert added that it is all too clear that the majority of people are sadly missing out on the potential to reduce their expenses and have more cash on hand for spending or saving.