Switching home insurance providers could save Brits £125 a year
Tuesday, 01 November 2011 02:50
Research by Moneysupermarket.com reveals that UK homeowners are wasting on average £125 a year by not switching to a cheaper provider for home insurance.
The research shows that almost one-third, 31 per cent, of people automatically renew their home insurance with their existing provider. Of those 31 per cent, 20 per cent say that they can’t find a better deal, whilst 11 per cent don’t bother to search for a cheaper provider.
On average, UK homeowners stay with the same provider for three years, with those aged over 55 staying the most loyal, sticking with their existing provider for an average of four years. Seven per cent of households have stayed with the same provider for ten years or more.
There are variations across the country with the North East, Eastern England and Northern Ireland the area where homeowners stay with the same insurer for the longest period, an average of four years.
Peter Harrison, insurance spokesperson at MoneySupermarket, said: “Shopping around for the best deal is quick and easy, but by not doing so, consumers are effectively watching their hard earned cash go down the drain.”
Use the Myfinances.co.uk comparison tables to find the best deal on home insurance.
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