Confused.com reveals that failing to switch home insurance costs Brits £1.7 billion
New research from Confused.com reveals that Brits could be collectively wasting £1.7 billion by not getting the best value deal on home insurance
[UKPRwire, Thu Feb 24 2011] New research from Confused.com has revealed that 13% of households have never switched home insurance provider, and 70% have been with the same provider for more than a year. The comparison website has calculated that with an average saving of £96.43 per annum* when policyholders switch to a new provider, Brits could be collectively wasting £1.7 billion** by not getting the best value deal.
The research also revealed a whole host of excuses for not making the effort to shop around and get a new home insurance deal, the most common reason being that people felt they had such a good deal at the moment there was no point. Findings included: 20% just can't be bothered to switch; 11% think it's too complicated; 4% didn't know you could; 39% think their deal is so good that there is no point in switching; 19% don't think the savings to be made are worth the effort; 9% don't know how to do it.
Mark Gabriel, head of home insurance at Confused.com, said: "As a nation we've become really good at shopping around annually for motor insurance, but most of us still aren't making the effort when it comes to insurance for our homes and their contents. The overall price may be lower than for car insurance, but there are still valid savings to be made.
"It's worth totting up the total of your valuables, including items kept in the garden, shed and garage before you start the quote process" said Mark, "Levels of cover can vary between providers so check everything you want is covered and then select a policy that meets your needs. It's worth doing this on an annual basis to make sure you've got the right cover at the right price - loyalty doesn't pay and you may be able to find better cover at a lower price."
Notes to editors:
*Average saving on home insurance for Confused.com customers in 2010 was £96.43
** ONS projected 26.2 million UK households in 2011 (household numbers and projections - regional trends 38). 70% of 26.2 million households = 18.34 million, all switching and each making a saving of £96.42 equates to £1.7 billion.
Research conducted by OnePoll February 2011 with 2000 respondents.
Confused.com is one of the UK's biggest and most popular price comparison services. Launched in 2002, it generates over two million quotes per month. Initially providing quotes for car insurance, it has expanded its range of comparison products over the last couple of years to include buildings insurance, travel insurance, pet insurance, as well as financial services products including credit cards, loans, mortgages and life insurance.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding great deals for them on a wide-range of insurance products, financial services, utilities and more. Confused.com's service is based on the most up-to-date information provided by UK suppliers and industry regulators.
For further information:
Confused.com press office