Six million motorists switch car insurance
More than six million people switched car insurance provider over the past six months in an effort to stave off rising car insurance costs, according to MoneyExpert.
The independent comparison website warns car insurers are expected to hike prices by up to 10% this year because of rising claims and is urging motorists whose policy is expiring to look elsewhere before renewing with their current insurer.
The average premium for fully comprehensive insurance is currently around £682, but MoneyExpert says that car insurers will still be able to offer new customers large discounts on premiums by hiking the cost of insurance for their existing customers.
The figures show that 14% of people have switched their car insurance provider in the past six months, equating to some 6.43 million drivers.
Sean Gardner, spokesperson for MoneyExpert, said: “When it comes to car insurance, loyalty does not pay. The only way that car insurance companies can offer discounts and incentives to attract new business is by passing on the extra cost to their existing customers.
“With over 35,000 people switching car insurance provider every hour it seems that the nation is catching on to the situation and voting with their feet. These days you can compare quotes in seconds online so it is no wonder millions are now taking advantage of the financial benefits of switching car insurance.
“While disposable income is being squeezed, people need to make their money work as hard as possible for them. You could save up to 30% off your car insurance by shopping around and that’s got to be worth having.”