Brits Get Car Insurance Savvy By Shopping Around
08 May 2008 / by Rebecca Sargent
More than six million Brits have chosen to switch their car insurance provider in the last six months, according to research from MoneyExpert.com.
As car insurance premiums rise and household budgets are stretched further by the credit crunch, it seems that millions of Brits are actively seeking the best possible deal on their car insurance.
According to Money Expert.com, car insurance quotes could rise by as much as 10 per cent this year as a result of rising claims, so now is the time to shop around.
Founder of MoneyExpert.com, Sean Gardner, 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.
“Have you ever wondered why your renewal notice always seems to rise slightly compared to the competitive quote you got initially? It’s because you are paying for someone else’s cheap deal.” he continued.
However, the latest research shows that Brits are wising up to this and, according to Mr Gardner, comparing the market has never been easier: “These days you can compare quotes in seconds online so no wonder millions are advantage of the financial benefits of switching car insurance.” He said.
The study showed that middle aged drivers are most likely to take advantage of new technology, with 17 per cent of 35-44 year olds claiming to have switched car insurance provider in the last six months.
According to the research, male drivers are slightly savvier than females with 15 per cent of men compared to 13 per cent of women having switched since October last year.
Mr Gardner added: “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 per cent off your car insurance by shopping around and that’s got to be worth having.”
©Fair Investment Company Ltd