Brits are a lazy bunch when it comes to shopping around for the cheapest deals after a survey revealed that 43 per cent of us haven’t switched o…
Brits are a lazy bunch when it comes to shopping around for the cheapest deals after a survey revealed that 43 per cent of us haven’t switched our everyday utility or insurance contracts in the last 12 months.
Almost a quarter (22 per cent) of the 2,001 UK adults surveyed by GoCompare have never bothered to switch to a cheaper provider.
We switch our car insurance provider more than anything else, the research found, with 22 per cent taking out a policy with a different car insurer in the last year.
Switching energy provider was the second most frequently switched (18 per cent), followed by home insurance, mobile phone contract and broadband provider (16, 15 and 14 per cent respectively).
Only three per cent of respondents had switched to a different mortgage provider in the last 12 months, while only nine per cent had taken out a new primary credit card.
Using one of the big name price comparison websites to compare your current deal to what other providers can offer is one of the most effective ways to ensure you’re getting the best value for money.
GoCompare claims that more half of its customers could save up to £232 on their car insurance every year, £62 on home contents and buildings insurance, and £207 on their energy bills.
Separate research found that a quarter of the 2,003 Brits (26 per cent) surveyed by MoneySuperMarket didn’t bother to shop around for a cheaper premium when their home insurance policy expired.
Most of them were lucky and hadn’t been stung by a premium hike but eight per cent of respondents were now paying more for their home insurance after failing to look for a cheaper provider.
Kevin Pratt, consumer affairs expert at MoneySuperMarket, slammed insurance companies for “tricking loyal customers into sticking with them but with higher premiums through confusing renewal letters and notices, whereas new customers are offered great rates to get them through the door”.
“If this happens year on year, loyal customers can end up paying hundreds of pounds more than they need to,” he warned.
Now is a good time to switch your home insurance after April saw home insurance premiums fall to their lowest point since 2010, averaging at £109 for combined building and contents cover.
Mr Pratt said that customers who sleepwalk into auto-renewing are missing out on highly competitive prices.
By Amy White