The majority of people need a financial incentive  to switch their car or home insurance provider.

For car insurance, drivers want to see an annual saving of £54.60 while for home insurance, consumers want to see an average saving of £50.40.

However, according to the research by Sainsbury’s Bank, more than a quarter (27%) of people have remained with the same home insurance provider for five years. Some 14% have never changed their provider.

Similarly a fifth of drivers have stuck with the same car insurer they had five years ago with 8% having never switched.

Karen Hogg, head of insurance at Sainsbury’s Bank, said: “Securing a good deal is the motivating factor for people to switch insurance providers. Despite this, a high number of people have never changed provider, or have not switched for some time – thereby potentially missing out on financial savings.”

However, she warns that price shouldn’t be the only determining factor when it comes to switching insurance as policies vary dramatically in terms of the cover they provide and the rewards available.