Confused.com reveals UK households wasting £1.7 billion by not switching home insurance providers
Confused.com has revealed household across the UK are wasting £1.7 billion by not taking the time to switch home insurance providers.
Confused.com has revealed that UK households are wasting on average £1.7 billion* a year because they “can’t be bothered”** to switch home insurance providers.
According to the latest Confused.com research, which surveyed homeowner’s attitudes to switching insurance providers, 73 per cent stated that they have home insurance, but a surprising 34 per cent said they had never switched home insurance provider.
In fact, 70 per cent said they had been with the same provider for two years or more, potentially missing out on an average saving of £95.26*** per year just by switching home insurance providers. Collectively, UK households could be wasting £1.7 billion by not shopping around to get the best deal.
32 per cent of those surveyed say they haven’t switched providers because they can’t be bothered while 29 per cent say their current deal is so good there is no point switching.
22 per cent of homeowners are under the illusion that switching home insurance is too complicated. However, with 66 per cent of people saying they would be willing to switch home insurance if they could save money, it’s not really affordability that should be questioned but inertia and people’s attitudes towards switching.
Gareth Kloet, Head of Home Insurance at Confused.com, said: "We are a money saving nation, however most of us still aren’t making the effort when it comes to getting insurance for our homes. At Confused.com home insurance customers could save money on their insurance premium.
“Shopping around can not only ensure the best value for money, but can also prompt homeowners to ensure they have the right level of cover. Levels of cover can vary between providers so check everything you want is covered and then select a policy that meets your needs. It’s worth doing this on an annual basis or after a big purchase to make sure you’ve got the right cover at the right price - loyalty doesn’t pay and you may be able to find better cover at a lower price.”
Notes to editors:
*42.26% of customers saved an average of £95.26 between January and December 2011. Average for unique customers where renewal price and new premium is under £5,000.
There are 25million households in the UK (figures provided by Ofgem), therefore 25m x £95.26 = £2.3bn (approximately).
From Confused.com’s research 73% stated they have home insurance, therefore £2.3bn x 73% = £1.7 bn (approximately). Therefore the UK households could save approximately £1.7bn by switching.
**The survey of 2000 homeowners was completed by OnePoll.com on behalf of Confused.com. February 2012
Confused.com was the UK’s first price comparison site for car insurance. Confused.com is one of the UK’s biggest and most popular price comparison services. Launched in 2002, it generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include cheap home insurance, car insurance for 17 year olds, business car insurance and life insurance.
Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com’s service is based on the most up-to-date information provided by UK suppliers and industry regulators.
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