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“There’s never been a more competitive insurance market”

18 August 2014

Gocompare.com comments on the British Insurance Brokers' Association's (BIBA) figures that insurance premiums are falling.

Consumers have made a real terms saving of nearly 7% on home and motor insurance in the last year, according to figures released today (Monday 18th August 2014) from BIBA.

Gocompare.com's chief innovation officer Lee Griffin said: "There's never been a more competitive insurance market as falling premiums mean that there are potentially big savings to be made on car and home insurance at the moment.

"But there are conflicting views about whether this trend, especially in car insurance will continue, as some say that the decreases have bottomed out, therefore it's even more important than ever to shop around to ensure you're getting the best possible deal, as it's likely that some insurers will be cutting rates to attract new customers.

"It's especially important for those whose policies are coming up for renewal to get online and ensure their getting the best cover for the best possible price, as it is unlikely that their current insurer will reward their loyalty with a cheaper premium. When it comes to insurance, loyalty doesn't always pay and the best rates tend to go to new customers, so comparing quotes from lots of insurers is the best way to ensure that you're getting a good deal on the policy that's right for you."