Car and home insurance apathy hitting Brits in the wallet

Posted : 07-12-2005

Insurance apathy is causing millions of Britons to pay well over the odds for their insurance, a new study has shown.

Market analysts Mintel has revealed that around 24 million home and car insurance policyholders chose to renew their cover with the same provider rather than search around for the cheapest deal.

Home and home contents insurance was rated as the most apathetic area for Britons renewing their policy, with almost two thirds of policy holders not looking elsewhere for their insurance.

Mintel's senior finance analyst Paul Davies said: "As many as 63 per cent of policy holders are failing to look at the other options available - even amongst the 30 per cent of consumers who did look for alternative quotes a third (11 per cent) only went to one other provider."

As online shopping becomes evermore popular, motorists and homeowners are encouraged to take advantage of the surge in internet availability and seek out cheaper quotes online.

The Interactive Media in Retail Group (IMRG) estimates around 24 million UK citizens will spend around £5 billion between them online this Christmas, yet many do not consider looking for cheaper insurance deals to save them money, according to Mintel.

Mr Davies added: "Consumers really need to be switching their policies every year in order to get the best deals around."


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