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Is it time to get a better deal on your insurance and other key household bills?
Three out of every five Brits switched providers last year for at least one of the top ten most common financial products.
The word is out that, when it comes to financial products, a regular review can save you money! Fresh stats from UK’s Go Compare show that 64% of people switched at least one key provider in 2018 – which was 7% up on 2017.
Insurance for car and home continue to be the top two products switched. Broadband, mobile phones, credit cards and energy saw the greatest increase in switching.
So why the rise in switching? Of course, uncertainty over Brexit is fuelling financial worries for 2019. But, on the plus side, the UK Government has supported consumers by capping the charges that gas and electricity providers can make. Regulators Ofgem say the average customer should save around £76 a year as a result. This has led to a growing awareness that a review of financial products is an annual necessity. If you don’t keep checking what’s out there, you can end up paying for your willingness to stay put with your existing provider.
Go Compare’s data shows that consumers generally stay loyal to their provider of motor insurance for 2 years and to their home insurer for 2.2 years. For energy suppliers, the average duration is 2.5 years.
How many switched provider in 2018?
Put key expiry dates in your diary. Otherwise you won’t remember when the time comes around to look at switching, and you may miss out on a securing a better deal.
Don’t accept an automatic renewal without checking out the market first!
If a deal features an introductory rate, make sure you know what rate comes afterwards. Ensure you have a clear picture of your overall liability.
Ask your IFA to give you some juicy switching options. Maybe there’s deals that they know about and you don’t. Otherwise, price comparison sites online are widely recognised as being easy to use. And, if you can endure the risk of a little hassle, switching can definitely save you money.