UK homeowners are overpaying on their home insurance by an average of GBP1.7 billion a year by staying with uncompetitive insurance providers, according to a survey from Barclays Insurance.
Every month that customers stay on an uncompetitive insurance policy could cost them an average of GBP9.41, the insurance arm of Barclays warned. Shopping around could save some consumers up to GBP112.95 annually according to the insurer’s research, yet 85% of consumers do not change their provider even at the annual renewal date.
Mark Till, marketing director at Barclays Insurance, said: It is amazing to see that people are unaware how easily they can switch their home insurance to a better deal. And more importantly that it is not just an option when it is time for their annual renewal quote. We actively encourage people to shop around to find the best deal to ensure they get the best value home insurance.
Some insurance providers may impose exit fees upon customers wishing to switch to a different provider before their renewal is due, but we are so convinced that customers save money by moving to us from an uncompetitive provider that we will pay GBP25 towards these charges.