Car insurance rates are higher than ever, yet nearly two out of every three Brits haven’t switched insurers in the last year, according to a new survey.
A major car insurance comparison site found that 63 per cent of motorists surveyed in a recent research study are still with the same car insurance companies they were with from their last renewal, even though insurers almost universally offer better rates to those who switch. More alarming was that 31 per cent of the survey’s respondents indicated staying with their current insurer for three years or more.
UK consumers aren’t just letting savings on their motor car insurance policies slip through their fingers, either, as the research study discovered that even higher numbers of British households haven’t switched their providers when it comes to other financial products or utilities as well. 8 out of every 10 households haven’t bothered to change their electricity or gas supplier despite massive rate increases, while 72 per cent haven’t switched to a less expensive home insurance provider over the course of the last 12 months.
Just over one out of every four UK consumers admitted never switching even one of the twenty highest-profile financial products, according to the survey. Banking providers topped the list at 41 per cent, with consumers reporting it was simply ‘too much of a hassle’ to switch from one bank to another, despite better rates at a competitor.
However, you can save significant amounts of money on your motor car insurance by shopping around for the best quotes. Using a car insurance comparison site can help you better determine your options, as you can choose from a wide variety of quotes all at once in order to find the best fit for your motoring needs.