The comparison website has calculated that with an average saving of £96.43 per annum when policyholders switch to a new provider, Brits could be collectively wasting £1.7 billion by not getting the best value deal.
The research also revealed a whole host of excuses for not making the effort to shop around and get a new deal, the most common reason being that people felt they had such a good deal at the moment there was no point. Findings included:
20 per cent just can’t be bothered to switch;
11 per cent think it’s too complicated;
4 per cent didn’t know you could;
39 per cent think their deal is so good that there is no point in switching;
19 per cent don’t think the savings to be made are worth the effort;
Nine per cent don’t know how to do it;
Commenting on the findings, Mark Gabriel, head of home insurance at Confused.com, said: “As a nation we’ve become really good at shopping around annually for motor insurance, but most of us still aren’t making the effort when it comes to insurance for our homes and their contents. The overall price may be lower than for car insurance, but there are still valid savings to be made.
“Shopping around can not only ensure the best value for money deal, but can also prompt householders to ensure they have the right level of cover. Have expensive new technology or jewellery items received as Christmas or birthday gifts been added to the policy for example? Undervaluing the contents of your home could end up costing hundreds of pounds in the event the property was burgled or badly damaged by flooding or fire.
“It’s worth totting up the total of your valuables, including items kept in the garden, shed and garage before you start the quote process” says Mark. “Levels of cover can vary between providers so check everything you want is covered and then select a policy that meets your needs. It’s worth doing this on an annual basis to make sure you’ve got the right cover at the right price – loyalty doesn’t pay and you may be able to find better cover at a lower price.”
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