Brits are failing to switch insurance deals

Many people in the UK are failing to switch their insurance deals in order to reduce their household expenditure.

This is the suggestion of new research from Gocompare, which found that even though 49 per cent of Brits currently feel worse off than they did at the same time last year, one-quarter of those questioned have never changed any of the 20 most popular financial products.

These include a number of protection arrangements, such as car cover and home insurance.

According to the findings, one-fifth of those quizzed admitted they have serious concerns about their financial position, with 23 per cent claiming they often run out of cash before the month ends and they receive their next pay packet.

John Miles, business development director at Gocompare – which was launched in 2006 – noted: “47 per cent of people also say they could be doing more to save money and one of the best ways to start is by comparing, switching and saving on outgoings.”

Mr Miles explained individuals could make significant savings on their car cover in particular, as premiums remain close to record highs.

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