Brits Could Save £643 Each Year By Switching Energy Supplier

British consumers could save up to £643 each year by switching energy provider and car and home insurance providers, GoCompare.com has found in a new study.

With improving weather and a feeling of spring in the air, price comparison site, GoCompare.com is advising consumers to “spring clean” their finances this weekend, which is the official start of Spring.

Figures from the price comparison site show that 41% of Brits have failed to switch supplier for any of the main home financial products such as electricity and gas providers, car and home insurance and mobile phone tariffs during the last year.

This means that 12.5 million consumers could be saving up to £643, on average, per year just by switching energy provider and finding cheaper car and home insurance, GoCompare have found, particularly as switching energy supplier is relatively quick and easy to do.

Commenting on these findings, Lee Griffin, business development director of Gocompare.com, said: “Comparison sites have made it far easier to shop around and millions of people have used them in recent years.  But according to our figures, the vast majority of people don’t switch regularly and could therefore be losing out.”

“While we don’t expect people to be constantly checking for the best deal, complacency can be very costly indeed and you should never just assume that your existing provider is looking after you.  In our experience the only reward you get for loyalty is a higher price than you’d pay as a new customer.  Anyone who hasn’t switched for more than 12 months should certainly shop around and see if they can make savings.