Insurance switching gains momentum
October 30, 2007 by admin
Filed under News, News-Insurance
There has been a marked increase in insurance switching, an industry expert has said.
According to MoneyExpert.com, the car and home insurance markets have seen a dramatic rise in people changing policy.
In the last six months, insurance customers for these sectors have abandoned in excess of 9.2 million uncompetitive policies.
The website’s Switching Index shows that, in the same period ten per cent have switched home insurance policy while 15 per cent have changed motor insurance policy.
In total, 9.27 million policies have been swapped in the last six months, which represents a staggering increase of 1.6 million from the previous quarter this year.
Sean Gardner, chief executive of MoneyExpert.com, said: “The good news is there are plenty of excellent offers out there and many product sectors are incredibly competitive – insurance being a prime example.
“It will almost certainly be the case that everyone can save money by switching and we would urge consumers to continue to seek out the best deals.”
