Looking back on a previous TCIB post urging people to bin their renewal to save money on car insurance it seems consumer lethargy is still a huge problem for UK motor insurance customers.
Research from Tesco Finance has found that just under one in three motorists moved their car insurance to a new provider in the last 12 months.
Even more worrying was the statistic announcing that 10% of drivers had either never switched their car insurance premium or had stayed loyal to the same insurer for over 10 years.
Those who have switched put price as one of the most important factors when choosing a car insurance quote while those who had stayed with the same provider said price was less important compared to the features and level of cover offered by their policy.
These figures create a split market, those who are concerned with saving money and those who feel prepared to pay more for the safety of ‘knowing’ they have the right policy.
Both sides make very good points. After all a motor insurance policy is there to provide protection so obtaining the right cover is hugely important.
However with the huge range of insurers now offering policies the opportunity to make a saving on your premium should not be overlooked; especially in the current climate of rising mortgage repayments and utility bills.
In my opinion a mix of the two is the ideal mentality when shopping for car insurance.
Make sure your policy has all the features you need but don’t restrict yourself to one insurer and one quote.
Loyalty is rarely rewarded in today’s market and with comparison sites such as confused.com you can easily find motor insurance policies that match your needs on both policy features and price.
So, if you currently care more about price double check that your policy offers the protection you need; the consequences of not doing so could be potentially disastrous. AND, if you haven’t switched your car insurance for a while be sure to have a look at the options available, you can easily lower your premium without compromising on quality.
