Almost a quarter of drivers in the UK would switch car insurance policies to save as little as £25 on their premiums, according to research by the UK’s leading price comparison website, Moneysupermarket.com.
Moneysupermarket finds the cheapest car insurance for every kind of driver and conducted the research to find out what kinds of savings people would be willing to switch for. 22% of drivers would be happy with £25 or less, while £78 would make a further 25% of drivers happy.
Most drivers would be content with £54.33, while the over-55s, in particular, would settle for £4 less at just £50.33. This is in contrast to the 18-34-year-olds, who wouldn’t switch their policies until they could get £61.77 back in their pockets.
Moneysupermarket also found stark geographical differences in the data it collected, as drivers in London looked for a saving of up to £71.88 on their premiums. Drivers in the south west, on the other hand, would be more than happy with £43.04. Amazingly, drivers across the country potentially stand to save on average £348 on their insurance policies.
MoneySupermarket.com’s car insurance expert, Pete Harrison, commented: ‘British motorists are really feeling the financial strain and are desperately looking for ways to cut costs, so its unsurprising our research has found one in five drivers are only looking for savings of £25 on their car insurance premiums to justify the move to a better value premium.
‘Those drivers who are unconvinced of the merits of shopping around, and automatically renew their car insurance, could achieve above and beyond their desired saving by taking the time to scour the market. The average saving to be made by searching the car insurance market online at MoneySupermarket is £348, so motorists could in fact save themselves £293 more, certainly a welcome surprise to those who doubt the savings that can be made.’
Remarkably, only 2% of drivers rate improved customer service as a good enough reason to switch, while around 7% would be swayed by the possibility of cash back offers and vouchers. 70 per cent were understandably enticed by saving money.
Pete Harrison added: ‘With motoring costs continuing to rise, and the price of car insurance making up a high percentage of that cost, it makes sense that getting a cheaper deal is the main motivation for drivers to switch their car insurance. Drivers can help to mitigate these costs by getting online and comparing policies to see what prices are on offer, It only takes a few minutes, so consumers should do their research to find the best deal for their situation and make the switch to start saving.’
- Saving of as little as £25 enough to sway almost a quarter of drivers
- £348 is the national average of savings to be made by UK drivers