Britons could have saved an average of GBP9.3 billion on their home insurance in the first six months of 2008 if they have shopped around, according to insurance price comparison site Confused.com.
Confused.com has found that the average home insurance saving, per customer using the site, was a significant GBP193.81, whether they were looking to renew a policy at a lower rate, or looking to switch provider altogether. Car insurance can bring even greater average per person savings of GBP208.18.
As more and more customers turn to the internet to purchase insurance, it is hoped that the UK can claw back some of the billions lost through laissez faire attitudes towards finance, and particularly towards insurance.
Simon Lamble, product director at Confused.com, 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.