Around 22% of desperate drivers would deem it appropriate to give up their current policy if they could find another car insurance provider with whom they’ll be able to save at least £20. This independent research was achieved by an online consumer research body, MoneySupermarket.com.
This comparison site has also deduced that motorists would gladly switch providers if they could garner an average saving of £54. According to their comprehensive research, one out of 4 motorists would choose to immediately renew their policy with their existing car insurance provider rather than shop around for a cheaper one. However, if a policy were made known to them that lessened their current policy by £75-£80, they would decidedly be tempted to abandon their current insurer. On another note, shopping around for cheap car insurance during renewal time can prove to be a huge blessing because motorists could garner a saving of nearly £350!
When one would look at Britain regionally, motorists from the South Western parts would shift policy providers for an amount of £43. Londoners, on the other hand, prefer a saving more than £70. The comprehensive survey and research have also found that age differences also have different preferences. Drivers over 55 would like to make a saving of at least £50 whilst motorists aged 18-34 would like to save more than £60.
In regards with this independent study, Pete Harrison of MoneySupermarket.com has said that; “British drivers are feeling very cash-strapped at the moment and are searching for ways to lessen their costs. It is quite unsurprising to find that our research would yield results stating that drivers would switch insurers for a saving of £25. The drivers whom are indecisive about shopping around and whom prefer to renew their policies with their current provider are losing savings just because they do not want to scour the market for a better deal.”
Unsurprisingly, the top reason why motorists would choose to switch providers is because of the price. It has been noted that almost 70 % of British motorists would choose a different car insurance provider if they could come across a deal that has the same coverage or better. Another 7 % of motorists would switch insurance providers if they were given added benefits like cash back offers, gift vouchers or free breakdown coverage. In addition to this, it has been noted that customer service was not regarded as a priority because only 2% of motorists stated so.
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