Two Thirds Of Motorists Could Be Losing Money By Not Switching Car Insurance Providers

28 November 2007 / by None

Thousands of motorists are losing out on savings by not switching their car insurance to a more competitive provider, research from Tesco Finance has found.

The survey found that just 32 per cent have switched in the last 12 months, with one in ten car owners saying they have never switched their car insurance, or have been loyal to their current provider for more than 10 years.

Almost half have stayed with their provider for at least three years, and seven per cent of those say that they have never changed car insurance companies, rating policy features and type of cover a higher priority than those who have switched – 71 per cent of those who have switched in the last year put price above any other deciding variable.

Of those who have switched car insurance providers in the last three to four years, 56 per cent said that price was the most important factor when it came to renewal time, and this figure drops further amongst those who have been with their current insurer for more than 10 years, of which just 24 per cent name price as the deciding factor.

Commenting on the research, Peter Dingle, Managing Director at Tesco said: “Our research shows that there are a great proportion of motorists out there who aren’t searching for the best deal for their car insurance and who are instead staying with their current car insurance provider.

“It seems that these people are the ones valuing policy features and the level of cover provided above the cheapest policy available. This suggests that the majority of motorists are more concerned with getting the right cover for their individual needs, than getting the cheapest price.”

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Written by Editorial Team