MoneyExpert.com, an independent financial comparison website, has reported that car and home insurance customers have dumped over 9.2 million uncompetitive policies in the past six months as the insurance market sees a sharp increase in switching.
The MoneyExpert.com has reported that some 1.6 million more car and home insurance products have been switched compared to Q2. The Q3 results of MoneyExpert.com’s Switching Index have indicated that 15% of adults have swapped motor insurance provider and 10% have changed their home insurance policy in the six months to October, 2007. That equates to 6.88 million and 2.39 million policies changing hands respectively.
The new figures from the website revealed that in total around half the population ditched some 37.5 million products and services in favor of better deals in the past six months, or over 205,000 swaps every day.
Sean Gardner, chief executive of MoneyExpert.com, said: Insurance has been incredibly competitive for a long time now. Just turn on your television and you’ll see scores of advertisements all claiming to get you the best deal.
And with online price comparison becoming mainstream for millions of people, it’s even more likely that people will be happy to chop and change providers in search of the best deal.