68% of motorists could save money by switching provider

by Richard Kilner

Story link: 68% of motorists could save money by switching provider

Research conducted by Tesco Finance has discovered that thousands upon thousands of motorists are losing money by not switching their car insurance to more competitive providers.

In the last year only 32% of respondents had changed their car insurance provider, with 10% stating that they had never changed provider or have had the same provider for a decade or longer.

Nearly half of those questioned have been with the same provider for three years or more.

Of those who have changed their insurance provider in the last 12 months 71% considered price the predominant reason for the change.

Price is the most important issue when it comes to renewal time, according to 56% of motorists who changed insurance between three and four years ago. The percentage sharply falls for those who have had the same provider for a decade or more, with only 24% citing price as the biggest factor.

The managing director of Tesco Compare.com, Peter Dingle, said that the findings proved that many people were more concerned with staying with a single provider rather than getting the best deal for their premiums.

Dingle went on to say that features of policy and coverage levels seem to be valued more highly than the precise cost of insurance, with motorists opting for the best deal for their personal needs rather than the best financial deal.