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Car Insurance -
Loyalty to your car insurer is treacherous to your wallet - 08/05/2008 |
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Jumping between car insurance providers in the same way that you might transfer your credit card balance to a new card to secure a better interest rate is saving millions of pounds a year for prudent Brits, according to new research by MoneyExpert.com.
Six million drivers have ditched their motor insurers in the last six months – clearly demonstrating that loyalty is costly.
Money Expert has predicted that insurance firms are set to raise premiums by 10 percent this year as claims costs continue to grow and insurers seek to attract new customers with attractive deals.
“When it comes to car insurance, loyalty does not pay,” said Sean Gardner of MoneyExpert.com. The only way that car insurance companies can offer discounts and incentives to attract new business is by passing on the extra cost to their existing customers.”
Around 35’000 drivers are estimated to be changing motor insurance provider every sixty minutes in the UK and many are saving up to 30 percent by doing so.
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