Shop and save the way forward

Industry figures reveal one-in-four homeowner's have cancelled their policies in an attempt to shave costs off monthly outgoings during the recession. The new problem of ‘insurance dieting' is both worrying and unnecessary.

Darren Black, head of home insurance at Confused.com said: ‘Our figures prove loyalty doesn't pay. A massive amount of money is being wasted by people renewing year after year. It's a myth that a loyal customer will get a good or better deal. This just isn't true. It's never been easier to search the market for insurance; the market is open to everybody. As far as people cancelling, such action is risky and unnecessary, especially given the savings which can be made with Confused.com. Whether you need a new insurance policy or you are at renewal stage, the easiest way to ensure you're not paying more than you have to, is by using a comparison site like us.'

The savings speak for themselves

Motorists buying on Confused.com could enjoy a saving of over £205. Despite this, 60% of car owners are failing to review their car insurance.

And the savings are not restricted to Motor. Customers buying home insurance on the site could save £180. Figures from the comparison site show 11.7m customers have not reviewed their insurance within the last two years which equates to £508million being wasted in one year alone. With this in mind, Confused.com urges all people considering renewing or even cancelling their insurance, to look at what is on offer before such a drastic measure is taken.

The holidaymaker seems to be slightly savvier than other groups of insurance customers. Fourteen per cent of travel insurance customers use the sensible option of shopping around while 24% obtain cover direct from the insurance provider. The most alarming figure in this category is the 25% of customers who buy insurance from tour operators or travel agents, as they can charge up to 500% more for insurance than the likes of Confused.com.

As the aggregator market grows in popularity the comparison website recognises the importance of reassuring users their details are safe and confidential when using the site.

Will Thomas, head of motor insurance at Confused.com concluded: "It's great to see a huge amount of people already using us to make savings and get the best deal available, year on year. However, there is still a significant amount of people failing to regularly review their insurance. Sixty per cent of the motoring population are guilty of this and haven't shopped around for two years or more. One in four have not reviewed for five years or over. For this group especially, there has never been a better time to see if they are on the best deal available as they are the most likely to make the greatest savings. The process is really easy and takes minutes. Once a visitor has used Confused.com, all details are saved making subsequent visits even easier than the first. At Confused.com we treat personal information with the utmost security. Our customers are reassured that information provided, is used for the sole purpose of returning them competitive insurance quotes."