An interesting survey has been carried out that shows how disloyal many policyholders are in the UK to the companies that provide their existing house and car insurance. Does this come as a surprise to you? We suspect not!
Apparently, the survey was undertaken in eleven countries and involved 6,000 customers so a meaningful number of policyholders took part. In the next year, 57% of policyholders in the UK are considering taking their car and house insurance to another provider. The average amongst the eleven countries was only 40%. The UK was in 9th place out of the 11 with China and Brazil below them. Twenty three per cent of Canadians taking part in the survey said they were considering switching insurer.
Can you guess what the main reason was for people to shop around elsewhere? Yes, you are probably correct – it was price, with 91% stating this was the main reason why they were looking to move to a different insurance company. Another important reason given for looking to move elsewhere was to obtain a more personal service.
So, how loyal are you to your existing car insurance company? Based upon the above statistic, there is more than a 50% chance that you will claim to have no loyalty when it comes to sorting out your car and house insurance but why should you?
There are an increasing number of people that are deciding to shop around to get a better deal on their car insurance in the hope of finding a cheap car insurance premium. Price comparison websites make it so simple and quick to get a number of quotes and then make the switch.
This is fine as long as you are comparing like with like and that you are getting the level of cover that meets your requirements. It is also important that the insurance company you choose has a good reputation for the quality of service they provide.
If you are going to shop around give yourself sufficient time to do so but do give your existing insurer the opportunity to retain your business by asking if they will match or better the cheaper car insurance quote you may have obtained.