Which insurance policies are Britons most likely to switch?

Insurance is meant to provide consumers with peace of mind in the event that their car breaks down, their home gets burgled, or their lives unexpectedly end. But how many Britons are happy with their providers?

Data from YouGov Profiles indicates that, among policyholders of any kind of insurance product, just two in five (39%) say they do not intend to switch a policy in the next 12 months, with 15% saying they don’t know if they plan to change providers or not. That leaves 46% of policyholders looking to make a change.

As for the areas where they’re looking to make it, nearly two in five Britons who have a fully comprehensive motor insurance policy (37%) say they plan to switch their provider in the next year. Of consumers with home/building contents insurance, a similar proportion (36%) want to change insurer in the coming 12 months, while almost a quarter of those with standalone home contents insurance (23%) say the same.

Among Britons with annual travel insurance, 15% intend to switch their provider, and the same proportion of pet insurance policyholders are planning on a change. Meanwhile, just 4% of those with private medical insurance plan to change their insurer. This may be because, as Britain offers healthcare that’s free at the point of use, private medical insurance tends to be more of an employer benefit than an everyday necessity.

Britons with insurance policies tend to be active when they plan to switch. Seven in ten say they’re either active or very active when they’re shopping around for a new provider (70%) – rising to three-quarters of those with comprehensive motor insurance (75%). When searching for a new insurer, almost three in five (77%) use price comparison sites such as GoCompare, while three in ten (29%) use the websites of insurance providers or brokers that they know and nearly a fifth (18%) rely on word of mouth recommendations from friends and family. Some 14% use consumer financial advice websites such as Money Advice Service and MoneySavingExpert, while 8% say they still ring insurers and brokers on the phone to get a quote.

Methodology

YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Data was gathered in May 2021. Learn more about Profiles.

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