A quarter stick to same insurer despite premium increase
Sainsbury’s Bank's research has found that one in five motorists only obtained one quote the last time they bought cover. This is despite the fact that of those motorists who have been with their current insurers for three years or more (34% of motorists), over a third of them (37%) claim that their premiums increased.
The research indicates that of those motorists who have been with the same insurer for three years or more(1), over a quarter of people surveyed (projected to 4.19 million) said their premiums rose by up to 5%, 1.34 million by between 6% and 10% and over half a million said that their premiums had increased by more than 10%.
Lucy Hunter, Sainsbury's car insurance manager said: “In such a competitive market motorists hold the trump card and should take advantage by shopping around for the best deal, making sure they get quality cover whilst keeping premiums low. Despite this, one in four motorists has been with their car insurer for four years or more.”
Of those motorists who only obtained two quotes or less the last time they bought cover, 11%(1) said it was because they could not be bothered to obtain any further ones and 8% blamed a lack of time to shop around. A further 12% did not believe they could get a cheaper quote and 2% found it too stressful.
(1) 967 people were interviewed by GfK NOP between 6th and 8th July 2007. Interviews were conducted over the phone. The consumer omnibus research conducted by GfK NOP uses a large sample size that reflects the demographic profile of GB. Given this it is possible to extrapolate figures and make projections from the research results within appropriate confidence intervals.