UK Money News
15th July 2008
Britons fail to shop around for cheaper cover
Millions of Britons are still failing to shop around for cheaper home insurance cover despite the fact that premiums are continuing to rise, it has been discovered.
In a poll conducted by Tescocompare.com, it was revealed that 64 per cent of Britons failed to switch their provider at the last renewal date.
This was in spite of the fact that 44 per cent of the sample experienced an increase in their premiums.
Paul Baxter, director of commercial and partnerships at Tescocompare.com, said: "Many insurers attract new customers through introductory offers and unfortunately this often means that premiums shoot up at the next renewal date.
"Our research clearly shows that the majority of people don't switch their home insurance provider at renewal, which means people do end up paying higher premiums than necessary."
He added: "With the credit crunch in full swing and people tightening their belts, this is an area where savings can easily be made."
Tesco's research also revealed that British motorists are similarly reticent when it comes to changing to provider, with just 32 per cent transferring their business in the last 12 months.
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