Loyalty does not pay, car insurance customers told

Fri, 25 Apr 2008

Remaining loyal very rarely pays for car insurance customers, one expert has claimed.

Writing for fool.co.uk, Cliff D'Arcy explains that car insurance firms offer the best deals to new customers, often at the expense of people who are already with the company.

He said: "Most of the time, they are able to offer attractive quotes to new policyholders purely at the expense of their existing customers.

"Hence, when it comes to insurance, loyalty hardly ever pays."

Mr D'Arcy gave the example of a friend who decided to change car insurance firms after 11 years, he found that he could save £400 a year just by switching to a different company.

People should compare their renewal quote to last year's premium to find out just how much their car insurance company is increasing the cost by, he concluded.

Yesterday, research by MonetExpert.com found that 350,000 people have driven without car insurance in the past year.
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