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Many more motorists are switching insurance provider

The number of people in the UK who switched their car insurance provider increased from 22% in 2016 to 27% in 2017, a report from the GoCompare comparison site has revealed.

The increase in switching activity has largely been attributed to rising premiums in the car insurance market.

GoCompare’s Switching Report also looked at the average length of time people stay with the same car insurer. It found that, on average, customers stay loyal for 2.3 years.

“In 2017 car insurance premiums hit a record high, and it seems this was the cue for many people to shop around and switch to a better deal,” GoCompare’s Matt Oliver said. “We know from our own research that nothing makes loyal customers head for the exits quicker than an insurance renewal letter telling them their premium is going up. Customers have woken up to the fact that, where insurance is concerned, loyalty doesn’t pay.”