UK drivers can save an average of £348 on their car insurance £25 savings enough to convince almost a quarter of drivers to switch policies Moneysupermarket.com, the leading price comparison website in the UK has found that almost a quarter (around 22 per cent) of drivers in the UK would be willing to switch insurance policies for as small a saving as £25.
It was also found in the research that £78 would be the tipping point for 25 per cent of drivers, since most of them would remarkably prefer not to shop around for the cheapest car insurance at Moneysupermarket when renewal date arrives.
The average saving that would sway most drivers was found to be £54.33, which sits below the national average for 18-34-year-olds, who wouldn’t switch unless they could save more than £61.77. Over 55s, on the other hand, would be tempted by £50.33 as a saving on their premiums. In London, drivers would not be happy until they could save at least £71.88 on their insurance, but drivers in the south west would settle for £43.04.
Moneysupermarket conducted the research to compare its results to the average saving a driver in the UK can make with today’s prices; the total currently sits at a staggering £348 per policy.
The car insurance expert at MoneySupermarket.com, Pete Harrison, added his thoughts on the matter: “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.”
Moneysupermarket also found that only 2 per cent of drivers would switch to get better customer service, 7 per cent would switch to be eligible for cash back offers, vouchers and extra cover and approximately 70 per cent, as expected, would switch if a significant saving was available on their premiums.
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.”