The great switch – Majority of Britons actively seeking to change insurance provider
With the ongoing cost of living crisis causing a squeeze on Britons personal finances, many are searching for ways to save where they can. YouGov data explores how switching insurance provider is being used as an outlet to save cash, and what forms of insurance the public are switching to.
Three in five have said they are actively switching insurance provider, with this number increasing over the last twelve months.
When asked ‘when your insurance policies come up for renewal, how active or inactive are you in searching for a better deal?’ 31% said they were very active and always shop to see if they can get a better deal, with 29% saying they try to shop for better deals.
This means that a combined 60% are actively seeking to switch – an increase of five percentage points from the previous year, when in October 2022 survey data indicated 55% said they were actively seeking a change in insurance policy.
When asked about which insurance policies the British public intend to switch most in the next twelve months, 25% say they will be changing their motor insurance policy, 15% say their joint home or building and contents insurance, and 6% say their standalone home contents insurance policy. The rest are split amongst various policies such as travel insurance, pet insurance and life insurance.
57% of 18-24’s do not intend on switching any insurance policies, compared to only 44% of the general population. This would indicate that 18-24’s don’t own as many insurance policies as other age demographics, and that key switchers across most products are middle-aged respondents, except for products such as car and phone insurance.
Those in London are less likely to seek new insurance deals, with those in Wales being the most likely to be actively seeking to switch.
In terms of a regional breakdown, those living in London are much less likely to say they are actively searching for a better insurance deal (22%), whereas those in Wales are most likely to be actively seeking better insurance packages (37%) in comparison to a national rate of 31%.
When factoring how the British public switch insurance provider, 72% use price comparison sites, whereas 26% say they go directly to the website of insurance brokers to find the best deal.
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