Motor insurance news
17/08/2007
Online car insurance advice site points out fall in switching
MoneyExpert.com has revealed that the recent enthusiasm for swapping banks, mobile phone operators and online car insurance providers is dying down due to financial worries.
According to the site, close to a million fewer people swapped their car insurance or home insurance provider in the six months since January 2007 compared to that month.
However, motor insurance is certainly not the area that has seen the biggest drop in switching. Instead, most people have been tending to stick with their mobile phone operators and credit card providers.
A spokesperson for MoneyExpert.com said: "The financial squeeze caused by higher interest rates has meant consumers are more inclined to stick with what they know and in any case providers are getting tougher.
"The reality is that consumers are battening down the hatches in preparation for a rough ride as the mortgage becomes more expensive and disposable income reduces. It seems we're all taking stock of our finances - and perhaps switching is an unwelcome distraction in the current climate."
However MoneyExpert.com, which provides information to consumers on how they can save money on their online car insurance and in other areas of finance, also pointed out that higher interest rates could pay off for those who have savings, and predicted an increase in the number of people switching their savings accounts.
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