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Gocompare.com: drivers need to become bargain hunters rather than wait for insurers to hand over savings

23 January 2014

Only 26% of drivers switched car insurance last year, despite record premium falls

Gocompare.com’s chief operating officer, Lee Griffin, comments on the latest AA Premium Index:

“The good news is that drivers should now start to see the impact of falling premiums in their own renewals this year, which will be very welcome indeed after years of increases. However, the real winners will be those that shop around in the next few months. What your existing insurer is doing to your premium at renewal is only part of the story. Every other insurer will have a different take on the events of the past 12 months and looking ahead. So the onus is still on drivers to find the bargains, not insurers to hand them over.

“The car insurance market in the UK is undergoing unprecedented change at the moment with pressure on premiums coming from many different sources. As a result, insurers are each making their own assumptions on pricing going forward and can obviously vary a great deal. That creates ideal conditions for comparison sites as consumers are able to see at a glance how different insurers are pricing the same risks.

“However, we know that only 26% of drivers switched insurer in the last 12 months, so there could now be some very real savings for people who haven’t switched for couple of years.*

-ends-

Notes to editors:

* On 16-17 December 2013, Vision Critical conducted an online survey among 2,005 randomly selected British adults who are Springboard UK panelists.  The margin of error-which measures sampling variability-is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.