Home and car insurance laziness costs millions

Wednesday, December 7, 2005

Britons could be overpaying for both their home insurance and car insurance by a combined total of millions of pounds every year.

Mintel, the market research and consumer intelligence group, has found that millions of Britons do not bother to shop around when renewing home insurance and car insurance, preferring the easier options of just continuing with the same policy.

"In both the motor and home insurance markets the majority of people feel that they are happy with their policy but as they have not looked around for any alternatives a better option could be just a phone call away," said Paul Davies, senior finance analyst at Mintel.

According to the research, 25 million motorists did not shop around for a better deal on their car insurance, whilst a staggering 21 million did not look for alternatives when renewing their home insurance or contents insurance.

Mintel also encourages people to constantly be on the look-out for better deals, saying that after the first year "they will almost certainly pay more for the second year as their premium rate increases".

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