One in seven motorists have switched insurance companies during the last six months, in a bid to avoid rising premiums, according to research by MoneyExpert.com.
Drivers between the ages of 35 and 44 are most likely to have changed insurance provider over the last six months, as premiums are expected to rise by 10% for 2008, due mainly to rising costs of claims including personal injury compensation.
MoneyExpert’s Sean Gardener said: “When it comes to car insurance, loyalty does not pay. The only way car insurance companies can offer discounts and incentives to attract new business is by passing on the extra cost to their existing customers.
“Have you ever wondered why your renewal premium always seems to rise slightly compared to the competitive quote you got initially? It’s because you’re paying for someone else’s cheap deal.”
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