Record high car insurance premiums, but Brits still fail to move.
Almost two thirds of British drivers haven’t switched their car insurance to a cheaper provider, with 31% of drivers having not switched once in the past 3 years.
In that time, the average fully comprehensive car insurance premium has more than doubled.
John Miles, business development director at Gocompare.com, said: “There has been a cooling off in terms of car insurance premium increases in recent months but they remain at record high levels.
Each insurer has taken a slightly different position on each risk as the market has risen and because the premiums are now so high that the differences between insurers can be substantial.”
“If drivers haven’t switched for a couple of years they could well be paying too much and may be able to find the same cover at a much cheaper price by shopping around.”
The research also suggests that households are failing to shop-around on other financial products other than car insurance, potentially missing out on substantial savings.
According to Gocompare.com, the switching figures for home insurance and energy are ‘even worse’ with 80% of households sticking with their gas or electricity supplier and 72% saying they haven’t switched home insurer in the last 12 months.
Over a quarter 26% of Brits admit they have never switched any of the top 20 personal finance products, with bank accounts topping the least-switched list.
Miles advised: “Our advice is simple – never just accept your insurance renewal quote without checking that the new premium is competitive, and take time at least once a year to check that you are not paying over the odds for your other household bills.”