Motorists Have Yet To Learn The Switching Game
While it has been widely reported that Britons have been proving that they are keen switchers when it comes to utilities and telecoms providers, new research by TescoCompare.com reveals that British motorists are playing catch-up, with only a third of the nation’s car owners1 (32%) stating that they have switched their car insurance provider in the last 12 months.
Despite annual renewals for car insurance policies, a whopping 43% say they have stayed with their current provider for three years or longer, while 7% of these claim they have never changed their car insurance provider.
For 71% of people who have switched their car insurance within the last 12 months, price is the key factor when choosing their insurance provider; while motorists who have been loyal to their insurance provider for over three years don’t rate price as highly. Instead, only 56% of people who last switched their car insurer three to four years ago named price as the most important factor. This figure drops to just 24% for people who have been with their current car insurance provider for over 10 years.
In contrast to that, 44% of this group values the level of cover (cover features and benefits) provided by their insurance company as the most important factor when choosing their car insurance policy.
Commenting on the research, Peter Dingle, Managing Director at Tesco Compare.com said: "Our research shows that there are a great proportion of motorists out there who aren’t searching for the best deal for their car insurance and who are instead staying with their current car insurance provider. It seems that these people are the ones valuing policy features and the level of cover provided above the cheapest policy available.
This suggests that the majority of motorists are more concerned with getting the right cover for their individual needs, than getting the cheapest price. Our new car insurance comparison site, TescoCompare.com puts great emphasis on not just comparing price but also to list detailed policy features of the insurance providers. TescoCompare.com is a great tool for the current 'non switchers' to help them find the best deal, without having to compromise on the policy features and the reassurance they are looking for."
Survey carried out online by YouGov plc, among 2,154 GB adults aged 18+. Data is weighted to be representative of GB adults (18+). Fieldwork ran from 29th to 31st August 2007.
