Drivers and homeowners can save £100 a year switching insurance
The average saving from switching car insurance stands at £63 while homeowners can save an average of £37 on house insurance policies.
According to data from insurance market analyst Consumer Intelligence, average savings from switching increase over time so those who have stayed loyal to their car insurance firm for five years could save £81 switching away while for homeowners the savings amount to £78.
Drivers who’ve been with the same insurer for more than nine years can save £116 while householders can save £127.
New rules set down by the financial regulator, the Financial Conduct Authority (FCA), in April have made it easier for consumers to compare prices as insurers now have to include the previous year’s premium in renewal letters.
A recent poll of 1,000 people by Consumer Intelligence found that 89% of people believe insurance companies give their best prices to new customers, and 52% think that having to publish the previous year’s price next to the renewal price will prompt them to give better prices to loyal customers instead.
Ian Hughes, chief executive of Consumer Intelligence, said: “It is always the best policy to shop around at renewal and make sure you have the best cover at the best price. Those that do so are better off over time.”