Shop around, analysts urge insurance policyholders

Wed, 07 Dec 2005

Laziness might cost Britons dearly as they fail to shop around for the best deal on their insurance, a new report suggests.

More than half of British drivers did not search for the most competitive deal on car insurance when they had to renew their insurance policies, according to Mintel research.

The market analysts revealed that 63 per cent of car insurance policyholders failed to research the market to see if better car insurance deals are available when they took out their insurance.

Of the one in three motorists that searched for cheaper alternatives, 11 per cent only consulted one other insurance company.

Car insurance, home insurance and home contents insurance are the three areas where consumers fail to shop around, Mintel's senior finance analyst, Paul Davies, said.

Almost two-thirds of people with car insurance, home insurance and home contents insurance simply stick with their current insurance company.

"The majority of people feel that they are happy with their policy, but as they have not looked around for any alternatives, a better option could be just a phone call away," Mr Davies told Life Style Extra.
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"Unless they have made a claim they cannot really assess just how good their provider or policy really is," he said, adding that insurance policyholders "really need to be switching their policies every year in order to get the best deals around".

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