It’s used affectionately, but most of us know that in the international community us Brits are known as whingers. If we receive bad service, we gripe amongst our friends; if our insurance policies go up, we have a good moan; and you don’t even want to start us on the weather! The thing is, that while we like to get things off our chests, we don’t often do anything about it. Our gas bills increase and we mutter resentfully, but few of us can be bothered to change suppliers. It may be a bold assertion, but it’s borne out by the results of the latest survey by home services finder, Money-Mate.
The survey, which was created to discover consumers’ approaches to buying insurance, revealed that while most of us are in the market to save money, almost two thirds (62%) will let our insurance policies auto-renew, rather than spend a little time looking for better value. 63 per cent of people don’t know when their current policies expire, and when they last renewed more than half (57%) didn’t even check if their current supplier’s prices had increased.
The reason given for this were varied: almost half (47%) said they had forgotten that they’d agreed to auto-renewal; 33 per cent just couldn’t face the hassle of checking out competitor’s prices, even if it could save them cash; and one in five people (20%) said that they simply didn’t have the time to shop around.
No wonder insurance providers think that they can get away with price hikes!
The average person holds 3-4 insurance policies at any one time (10% of the population hold more than ten – it’s little wonder that they can’t keep track!), so finding the policy that delivers the best value could lead to significant savings. For most people though, it’s a minor matter, with the majority (43%) spending no more than a few hours selecting which provider to give their money to.
Roopesh Patel, founder of Money-Mate comments: ‘The problem with finding insurance is, frankly, that it’s boring! The small print and Ts&Cs are equally tedious across the board, and with the so-called comparison websites regularly lambasted for providing biased, commission-based information, consumers have nowhere to turn. All providers look alike, so why bother wasting the time?
‘Unfortunately, it’s that attitude that allows service providers to put up their prices – most of the time they don’t need to be stealthy, because although we might moan to our mates, we still accept the shoddy service.
‘Money-Mate is our way of putting power back in the consumer’s hands. In providing clear, unbiased information and only working with quality providers while offering cash rewards to all of our loyal customers – not those who buy into the hype of “preferred” suppliers – we can help everyone to find the best insurance policies for their lifestyles, while getting the best value for money – and of course making money while they do it!’