It seems that car insurance companies are making a lot of money because of their assumption, that drivers are apathetic about changing their insurance company to save on premiums. In fact, less than 33% of UK motorists have changed their company over the last 12 months, that of course means that around 67% did not think about changing or were too busy to take the time to get alternative quotes.
Another fact is that over the last decade less than 10% of all drivers have moved insurance companies. At least last year’s figures show that more people are starting to realize that moving companies can save a lot of money.
It may be true that people are changing their attitude because they are beginning to realize that loyalty only flows one way when it comes to many services we receive. Over the past few years, it has become far more common to move all kinds of services from one provider to another, such as telecoms, credit card companies or utility suppliers. This may be one of the factors pushing more people towards moving their car insurance needs from one provider to another at the end of the policy, rather than just paying the premium.
Nearly 45% of UK motorists have not changed their insurer since 2005, this figure seems very high when you consider that shopping around can often give significant savings and sometimes that may equate to several hundred pounds.
Apathy still seems to rule when it comes to car insurance, and the companies are very aware of this fact and exploit it to its fullest extent. To be fair it’s only human nature, let alone good business; if you know that 67% of your customers are going to stay with you regardless of the premium why bother to offer them the best deal?
Insurance companies make most of their profit from their clients being under the assumption that because when they took out their insurance five years ago, that company offered the best deal, then surely, they are still the cheapest around for your personal insurance needs.
Armed with this knowledge that apathy rules insurance companies only offer the best deals to new customers. When have you ever seen a motor insurance company TV advert aimed at their existing customers, asking them to stay with them? Never, all their efforts, and lower premiums are aimed at finding new prospects, existing customers are a safe bet, and there is no need to give them special treatment, as they are too apathetic to change companies.
Of those people who did change companies last year a whopping 70% did so for one reason because they found a cheaper quote than their existing company is offering. Isn’t about time that you stopped being apathetic, and beat the insurance companies at their own game? All you need to do is spend maybe an hour getting alternate quotes, this may save you a hundred pounds or maybe three times that. I would jump at the chance to make that kind of money for less than an hours work.
So don’t let motor insurance companies win this apathy war, if all clients moved to the company offering the best quote each year then they would stop charging higher premiums to their supposedly valued existing customers.
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