Have You Switched Your Energy Supplier?

Whilst there’s been an increase in the number of consumers who switch car insurance at renewal, few have switched energy supplier and even fewer have switched their life insurance in the last 12 months.

Research from Gocompare.com found that in the last 2 years the number of consumers who switch car insurance at renewal has risen by 50%.

However, despite the increase in consumers shopping around for car insurance, nearly a third of Brits haven’t switched providers for ANY of the 20 most common financial products in the last year including car insurance, home insurance, energy provider, savings bank or phone and broadband services.

Nearly 80% of consumers have used a comparison site in the last 12 months. The product most compared is car insurance and 34% of drivers have switched this in the last 12 months.

Even though people are now more likely to check that they have the best deal on their financial products, some clearly need to be more proactive as according to the research only:

• 1% have switched their life insurance in the last 12 months
• 3% have switched their mortgage provider
• 3% have switched their landline provider
• 4% have switched their bank account
• 6% have switched their ISA or savings account provider
• 9% have switched energy supplier

John Miles, Gocompare.com’s business development director commented:”One of the easiest ways to save money on your household bills is to find the best deals for your financial, phone, broadband and energy services.

“There’s no point paying more than you have to with one provider when another will give you the same service for less. In addition, if your savings are earning a paltry rate of interest you can move them to an account which pays you more. But if you want to make sure you’re not throwing your money away it’s up to you to go compare it for yourself.

“Fortunately that’s where comparison sites can really help out. People using Gocompare.com save on average £393.67* on their car insurance, £125.33** on their home insurance and £557.33*** on their energy tariff when they compare their existing deal against the competition, and that’s just three financial products or services out of the many most consumers now have.

“These days few people can afford to be nonchalant about their household bills, so a few minutes spent sorting out your finances could save you hours worrying about them.”

MoneyHighStreet comments: “Unfortunately many people show loyalty to such as their insurer as they mistakenly believe that they will be rewarded for their loyalty. This is absolutely not the case and in fact many providers offer incentives to new customers to attract them and in reality ‘forget’ about their existing customers.

As John says, taking a little time to sort out your personal finances is certainly worth doing – particularly with the current climate and many struggling to pay bills and trying to save money where they can.”

* Based on Online independent research by Consumer Intelligence during 01 October 2011 to 31 October 2011. This average saving is achieved by 35.46% of consumers.

** Based on Online independent research by Consumer Intelligence during 01 October 2011 to 31 October 2011. This average saving is achieved by 36.84% of consumers.

*** Based on customers who switched energy supplier for both gas and electricity (dual fuel) using the Energylinx powered Gocompare platforms during the 1st July – 30th September 2011. 10% of customers that switched for gas and electricity with Gocompare.com saved up to £557.33.