Each and every year thousands of motorists lose out on potential savings by accepting the renewal quote of their existing insurer. Shopping around and switching to a more competitive provider can save the average shopper 100’s on their premium.
A survey carried out by the Supermarket chain Tesco’s found that only 32% had switched in the last 12 months. Perhaps worryingly, 1 in 10 admitted to never having switched or using the same provider for more than a 10 year period.
Those questioned admitted to staying with their provider as the policy features and cover type were more important to them than the price. Meanwhile 71% of those who switched insurers in the preceding year put price at the top of their list of priorities.
56% of those who have switched
car insurance providers in the preceding 3-4 years said that price had been the most important factor for doing so – this appears to show that more recently consumers have gotten wise to the fact that they can find much cheaper cover by spending a little time on line.
Only 24% of those who have been with their insurer for over 10 years named price as the deciding factor in their purchase.
It appears that in this price driven society there are still those who value policy features and cover level above finding the cheapest policy.
Price is obviously very important when it comes to deciding on any financial product and should be taken in to consideration with any prospective
motor insurance policy. Having said this – you should be careful to check you are receiving the features and level of cover you require.
You can make things easier by searching for manufacturer specific insurance such as; “
ford car insurance”. This can help you achieve a better deal.
Remember; when your renewal comes through – Don’t automatically accept it, shopping around can save you hundreds!
