Few motorists switching insurance providers

Tue, 27 Nov 2007

Less than one-third of motorists have chosen to switch car insurance providers within the last year, it has been claimed.

A new survey published by Tesco Personal Finance revealed that 43 per cent of respondents said they had stayed with their car insurance provider for the last three years.

Of those who have switched providers in the last year, 71 per cent cited price as their main consideration, compared with 56 per cent of those who have stayed with their current insurance company for more than three years.

Peter Dingle, managing director of TescoCompare.com, said that that a significant number of motorists are not shopping around for better deals on car insurance .

"It seems that these people are the ones valuing policy features and the level of cover provided above the cheapest policy available," he remarked.

In related news, Sainsbury's Bank recently reported that the average car insurance premium stood at £486.43 in July this year - an increase of 4.2 per cent during the previous 12 months.
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