Rise in insurance premiums hits two thirds of Brits

Research from Tescocompare.com, the home and car insurance comparison site, shows, that rising home and car insurance premiums and an inertia to switch will lock the majority of Brits into higher premiums.

The home insurance switching game

The research shows that 64% of Britons didn't switch their home insurance at the last renewal date, despite over two in five (44%) seeing an increase in their premium. 2.5 million Brits even saw an increase in their home insurance premiums above inflation.

Despite these worrying figures, only just over one in five (22%) of those that saw a price hike above inflation, have contemplated moving their policy to a different provider.

The big car insurance catch-up

Tescocompare.com's research shows that Britain's motorists don't fare any better - with only a third of the nation's car owners (32%) stating that they have switched their car insurance provider in the last 12 months.

More worryingly, 36% even 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.

Paul Baxter, Director of Commercial and Partnerships at Tescocompare.com comments: "Many insurers attract new customers through introductory offers and unfortunately this often means that premiums shoot up at the next renewal date. Our research clearly shows that the majority of people don't switch their home insurance provider at renewal, which means people do end up paying higher premiums than necessary.

"With the credit crunch in full swing and people tightening their belts, this is an area where savings can easily be made. We encourage everyone to check the competitiveness of their renewal premium before accepting it. Tescocompare.com offers a user-friendly way to not just compare premiums but to also compare policy features across different providers on a like for like basis, making insurance comparisons and shopping around for the best deal even easier than before."

Tescocompare.com allows consumers searching for car insurance or home buildings and contents insurance to compare 25 different policy features - as well as the premium quoted. Comparing on more than just price allows consumers to choose, not just the cheapest policy, but also the one which is right for them.

Tescocompare.com differentiates itself from other comparison sites by the fact that the premium quoted will be the price that consumers pays, assuming they don't change the level of cover they need when they click through to the insurer. Also, the price quoted on Tescocompare.com will be the same or cheaper than if the customer went direct.

Visit Tesco compare at tescocompare.com