One third could save on policies

Posted : 04-02-2005

One third of Britons could save on insurance if they shopped around for a more competitive policy each year, a new study has found.

According to the RAC, 46 per cent of people automatically renew their policies without seeking a quote from elsewhere, even though cheaper policies may be on offer.

One quarter of consumers (24 per cent) renew their car insurance policies without searching the market for a better policy. Homeowners are just as guilty of failing to scour the range of policies available, with 46 per cent not conducting any research before insuring the most expensive item in their home.

Nick Hall, managing director of RAC Insure, urged consumers to change their habits, stating: "With our research showing that a third of the nation fails to shop around for their policy, there is a clear opportunity for people to save money and make the most of the range of insurers - and prices - available to them."

Women are more guilty than men in failing to research the market before renewing policies - 38 per cent of women fail to do so, compared to 33 per cent of men.

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