UK Money News

Money News

17th July 2008

Homeowners are 'overpaying for insurance'

Homeowners overpaid for their home insurance cover by as much as £9.3 billion in the first six months of this year, it has been claimed.

This is the claim of Confused.com, which based its calculations on the fact that over this period consumers who used its site to seek out cheaper cover saved an average of £193.81.

Savings to be made on car insurance were even greater, with those who used the site paying around £208.18 less for their cover.

Simon Lamble, product director at the site, said: "Many people never change their insurer out of loyalty, but it is important to look into whether the insurer in question is being loyal to the customer by passing on the most competitive rates.

"Although many customers stick with a specific provider, as a result of being happy with the service which they provide, it is always worth checking if you can get the same service at a reduced cost."

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