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Savers missing out through loyalty or laziness

According to Gocompare.com, seven million consumers (15%) have never switched any of the ten most popular financial products and services.

The research suggests these consumers could be missing out on a saving of £242.55 on their car insurance, £159.43 on their home insurance and £309.05 on their energy costs, as well as losing out through uncompetitive savings accounts, bank accounts, mobile phone tariffs, mortgages and credit cards, among other products.

The study shows that 21% of Brits have never switched their ISAs or savings accounts.

Claire Peate, customer insight manager at Gocompare.com, said: “Customers who’ve remained loyal to their insurers, energy providers, banks and communications companies could be missing out on billions of pounds worth of savings as businesses tend to reserve their best deals for new customers.

“Those who believe their loyalty will be rewarded are sadly mistaken, and our research proves time and again that customers who switch can save hundreds of pounds.

“The insurance industry underwent a huge shakeup in December 2012 with the introduction of gender neutral pricing, which has impacted premiums and renewal quotes throughout the year.

“As insurers continue to iron out any imbalances in their existing book, as well as battling costs from fraud and personal injury claims, consumers should be looking for savings by shopping around at their policy renewal.

“The only way to be sure of getting the very best deal is to check for yourself by comparing what’s on offer from the competition. Don’t expect your loyalty to be rewarded with lower premiums or prices. If you’re happy to stay and pay, insurers, communications companies and energy providers will be laughing all the way to the bank.”

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