Confused.com Reveals That Failing to Switch Home Insurance Costs Brits GBP1.7 BillionBy Confused.com, PRNE
Wednesday, February 23, 2011
CARDIFF, Wales, February 24, 2011 - New research from Confused.com has revealed that 13% of households have
never switched home insurance provider, and 70% have been with the same
provider for more than a year. The comparison website has calculated that
with an average saving of GBP96.43 per annum* when policyholders switch to a
new provider, Brits could be collectively wasting GBP1.7 billion** by not
getting the best value deal.
The research also revealed a whole host of excuses for not making the
effort to shop around and get a new home insurance
(www.confused.com/home-insurance) deal, the most common reason being
that people felt they had such a good deal at the moment there was no point.
Findings included: 20% just can't be bothered to switch; 11% think it's too
complicated; 4% didn't know you could; 39% think their deal is so good that
there is no point in switching; 19% don't think the savings to be made are
worth the effort; 9% don't know how to do it.
Mark Gabriel, head of home insurance at Confused.com, said: "As a nation
we've become really good at shopping around annually for motor insurance, but
most of us still aren't making the effort when it comes to insurance for our
homes and their contents. The overall price may be lower than for car
insurance, but there are still valid savings to be made.
"It's worth totting up the total of your valuables, including items kept
in the garden, shed and garage before you start the quote process" said Mark,
"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 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
Notes to editors:
*Average saving on home insurance for Confused.com customers in 2010 was
** ONS projected 26.2 million UK households in 2011 (household numbers
and projections - regional trends 38). 70% of 26.2 million households = 18.34
million, all switching and each making a saving of GBP96.42 equates to GBP1.7
Research conducted by OnePoll February 2011 with 2000 respondents.
Confused.com is one of the UK's biggest and most popular price comparison
services. Launched in 2002, it generates over two million quotes per month.
Initially providing quotes for car insurance, it has expanded its range of
comparison products over the last couple of years to include buildings
travel insurance, pet insurance, as well as financial services products
including credit cards, loans, mortgages (www.confused.com/mortgages)
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 great deals for them 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.
For further information: Zoe Stevens PR Manager Confused.com press office Friary House Greyfriars Road Cardiff CF10 3AE +44(0)2920-434393 www.confused.com
For further information: Zoe Stevens, PR Manager, Confused.com press office, Friary House, Greyfriars Road, Cardiff, CF10 3AE, +44(0)2920-434393
Tags: Cardiff, Confused.com, February 24, United Kingdom, wales