The number of Brits regularly switching financial products and services in the UK has jumped significantly, according to the latest Switching Report from Gocompare.com.
New research shows that 58% of people switched at least one of the top 10 financial products in the last 12 months, up from 53% in January 2016 (51% in 2015). Car insurance, household energy, home insurance, broadband, mobile phone and credit cards all saw an increase in switching activity in 2016.
Research from Gocompare.com found that Britain could collectively save up to a £5.5bn** in a year, just from switching the ‘Big 3’ products – car and home insurance and energy.
Car insurance was the most switched financial product – 22% had switched car insurer (year to January 2017) up from 19% (year to January 2016).
The survey revealed that, on average, people have stayed with the same car insurer for 1.5 years.
It’s no wonder this trend has been highlighted by GoCompare.
Simple facts show that not only have premiums risen above 10% per annum in some cases, but the rate of compulsory excess within motor policy renewal has also increased dramatically, causing customers to use the power of the internet and find a better more flexible deal.
The this is only the start of the problem.
Lurking beneath the surface of this trend is also the darker fact that policies simply do not have the benefits and features as standard. Windscreen cover for example maybe a big extra, again with a very significant excess payable prior to the job being carried out.
the message is ” Check your policy small print”. There has never been a more important time to do this, before making an online or indeed a via Broker Motor Insurance policy purchase.
Recently speaking with Tania Davis CEO of UK Autolinks Accident Assistance, Tania stated the importance of perhaps taking a step back from the shopping market web sites for Motor Insurance and run the rule over a highly rates Motor Policy Insurance Broker instead.
Tania explained that Brokers do have a very good understanding of each policy and crucially if it will suit your requirements.
So in essence, is it time to call time on random cherry picking of what looks attractive online, or do some High street research too?
Published by Uk Autolinks