New data reveals three in ten ONLY shop around if their renewal price increases possibly missing out on £8.7 billion worth of savings
While making savings is still top of the agenda for many cash-strapped households, new research from Go.Compare has revealed that nearly half of Brits surveyed (45%[1]) don’t bother shopping around for insurance products when their renewal is due* – meaning as many as 24 million people across the UK could be overpaying.**
The survey of over 2,000 people found that three in ten (30%) don’t bother comparing deals if they are offered a lower renewal price, even though cheaper options could be available. A further 15% admit they never shop around, and always just accept the renewal price.
Go.Compare’s data suggests that on average, you can make up to a £362 saving on your car insurance by shopping on a comparison site*** – and with nearly half the nation not bothering, this could mean we are handing insurance companies £8.7 billion more than we need to.****
Tom Banks, Go.Compare car insurance spokesperson, said: “When it comes to insurance, it’s important to remember that your renewal price is just one of many options.
“If your provider has offered you a cheaper quote at renewal, it’s tempting to skip the hassle of shopping around and just accept – but this could potentially mean you’re paying hundreds more than you need to.
“Our advice is always to spend a few minutes comparing the other deals available, as you can often find the same cover for a better price – even if your renewal quote has come down.”
For more tips on how to get cheaper car insurance, visit: https://www.gocompare.com/car-insurance/guide/top-tips-for-cheaper-car-insurance/.
And for advice on getting cheaper home insurance, visit: https://www.gocompare.com/home-insurance/guide/top-tips-for-cheaper-home-insurance/.
