Home insurance leaves Brits £9billion out of pocket

Brits could have saved an average of £9.3billion on their home insurance in the first six months of 2008 if they shopped around, according to Confused.com – UK insurance price comparison site.

Confused.com found that the average home insurance saving, per customer using the site, was a significant £193.81, whether they were looking to renew a policy at a lower rate, or looking to switch provider altogether.

Car insurance can bring even greater average per person savings of £208.18.

Simon Lamble, product director at Confused.com comments: "With the average Confused.com customer saving £193.81 on home insurance and £208.18 on car insurance, it is certainly worth shopping around on comparison sites for the best possible deals. Many people never change their insurer out of loyalty, but it is important to look into whether the insurer in question is being loyal to the customer by passing on the most competitive rates. Although many customers stick with a specific provider, as a result of being happy with the service which they provide, it is always worth checking if you can get the same service at a reduced cost.

"Renewal figures should decrease year-on-year, unless the policy has been affected by changes such as building an extension or penalty points, so it is important to shop around to find the best deal. Comparison sites enable users to search a cross-section of the market, for the best priced products. As more and more customers turn to the internet to purchase insurance, it is hoped that the UK can claw back some of the billions lost through laissez faire attitudes towards finance, and particularly towards insurance."