Homeowners 'paying £500m too much' for insurance annually
www.moneynews.co.uk > Insurance > Homeowners 'paying £500m too much' for insurance annually
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Homeowners 'paying £500m too much' for insurance annually
Wed 8th Jul 2009
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According to recent research carried out by Your Money, people who renew their policies without reviewing their needs and shopping around could be paying an average of £180 a year each for cover they do not need.
The Telegraph reports that Mintel also conducted research which found that 70 per cent of household cover customers do not seek more than one quote when arranging insurance.
"Loyalty does not pay and those who are staying with insurers in the hope such behaviour will be rewarded, are in for a nasty and expensive surprise," Darren Black, head of home insurance at Confused.com stated.
The AA warned this week that purchasing combined home and contents insurance may not be the most economical option and urged people to consider exactly what cover they need before renewing.
Click here for more insurance news
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