High insurance premium 'may prompt consumers to switch'

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High insurance premium 'may prompt consumers to switch'

Fri 29th Jan 2010

Increasing prices on insurance premiums may encourage more people to shop around for a better value deal, it has been suggested.

Consumers should not feel obliged to remain loyal to one company if their premiums increase, as it is unlikely they will be rewarded for staying their current provider, Lee Griffin, business development director of insurance on Gocompare.com has warned.

Instead, consumers should take the time to compare the cost of their renewal quote to what is on offer from competitors and if they find a better deal Mr Griffin suggests that they should "vote with their feet and switch".

Additionally, it is important for consumers to look at the quote for their own personal circumstances rather than the best deal a firm can offer, as these can be two very different things.

Earlier this month, Gocompare.com revealed that 41 per cent of consumers had not changed their car or home insurance in the last year, despite 37 per cent of people stating that they were concerned about how they would afford the cost of living in 2010.

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