Motorists can drive home money by shopping around |
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Wed, 30 Mar 2005 01:00
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Sainsbury's Bank and Moneyfacts released figures today which showed that consumers could put aside a good £1,824 just by intelligent switch-overs to industry-leading loans, credit cards, mortgages, car insurance deals and the like.
Sainsbury's Car Insurance said that people could really fill their piggy banks up to 32% a year in premiums, simply by shopping around for the best car insurance. However, studies showed that more than five million motorists were found taking only one quote when they last bought insurance. Also, 15.4 million motorists stated that they had stuck to their present car insurer for more than three years. 38% out of those revealed that their premiums had risen when they last renewed their policies.
| Sainsbury discovered that this was the case with only those motorists continuing with their current car insurer for three plus years. About 11% or about 1.69 million such customers told the bank that their policy premiums had increased somewhere between 6% and 10% with another 5% i.e. 806,000 motorists admitting to a 10% premium rise.
Those motorists who had opted for just one or two quotes at the time of taking insurance, 18% confessed that they were not concerned about obtaining more quotes and about 17% said that they had no time to ‘shop around’. Another 17% were not confident about getting a cheaper quote, and around 6% thought it was too much of a trouble.
All in all, surging competition in the car insurance industry had made shopping around for the best competitive deals very important. It made pure common sense to look for cheaper premiums that were available in the market instead of shelling out surplus premium amounts staying with the current insurer.
In fact, Consumer Intelligence figures showed last December that switching over to the top 5% of insurers on price could help the average motorist save a whopping £157. Meanwhile, those with the costliest 5% of insurers could rack up savings of above £391 on switching over to one of these.
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