But one-third of buyers are not regular switchers
Some 34% of UK drivers regularly switch their car insurance, compared with 22% two years ago, according to research from price comparison firm Gocompare.
However the study, carried out in October this year, also found that almost a third of UK consumers have not switched providers for any of the top 20 financial services products in the last year. The list includes car insurers, home insurers and savings banks.
Gocompare discovered that 23% of consumers have never switched financial services product provider. Some 16% have never changed home insurer, while 13% have never switched their motor insurer.
Some 77% of consumers have used a comparison site in the last 12 months with car insurance being the product most compared. Thirty-four percent have switched their car insurer in the last 12 months and 22% have switched their home insurer.
“Our research shows a significant change in consumer behaviour towards their car insurer. More drivers than ever are realising that the best way to save money on their car insurance is to compare their premium at every renewal,” Gocompare business development director John Miles said in a statement. “However, millions of consumers are still staying with the same insurers, energy companies and banks for years, often in the mistaken belief that their loyalty will be rewarded.”
He added: “The message appears to be getting through on car insurance but there are still plenty of products where consumers are far more likely to stick with the same provider for years than switch to get a better deal.”