Consumers are more likely to shop around for cheap car insurance than a new current account, mortgage or loan, a new study has revealed.
According to research by the Association of British Insurers, 77% of motorists scour the market for their car insurance, while 72% of mortgage or personal loan customers and 69% of current account holders shop around before they buy.
Meanwhile, 74% of electricity and gas customers and 61% of people looking for a new mobile phone contract review a number of different alternatives before choosing a new provider.
Car insurance customers also get quotes from a greater number of providers before they buy. While 36% of motorists reviewed at least five providers before making a decision, just 16% of mortgage or loan customers did the same.
Find out more: best and worst car insurance – find out which insurers are rated as Which? Recommended Providers
How to find cheap car insurance
Looking for new car insurance? Here are five top tips to help you shop around successfully:
1. Start with a comparison site
Use a comparison site to find a number of quotes quickly and easily. Remember to check the details of the policies you are interested in to make sure they have everything you need.
2. Check the insurers that comparison sites miss
Not all providers appear on comparison sites. Check with Direct Line, Aviva and Zurich to see if you can find a cheaper quote.
3. Avoid auto-renewal
Insurers reserve the best deals for new customers. Never allow your policy to roll into another year without shopping around for a lower premium.
Even if you want to stay with your current provider, getting quotes from competitors can be a great way of getting a better deal. Once you’ve found a cheaper rate you can use this as a platform to haggle.
5. Try an insurance broker
If you’re still having trouble finding suitable cover, use the British Insurance Brokers’ Association’s ‘find a broker’ service. Check biba.org.uk for more.