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Consumer Home
13 October 2005
British home insurance policy holders are losing out on cheaper cover as they are reluctant to change providers, it has been revealed.
Brits believe that switching insurance policies is complicated and too much effort, and prefer to stick with their old policy.
According to a study by Privilege Insurance, just over half of homeowners with insurance policies shopped around for a better quote when they last purchased cover, while 42 per cent simply renewed with their existing provider.
The research also claimed that those covered directly by insurers are twice more likely to search for a new policy than those with "mortgage-linked" policies, with many surfing the internet to find cheap deals.
Ian Parker, managing director of Privilege Insurance, explained the potential saving Brits are missing out on by not shopping around for cheaper cover.
"Clearly there is still some inertia in the home insurance market, but double-checking the competitiveness of your renewal quote need only take a few minutes and, by not shopping around, consumers are potentially missing out on making significant savings while maintaining the same level of cover," he remarked.
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