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A new year often means change, but one in five Brits (20 per cent) say they’ve never changed their insurance or energy provider.
This means they are missing out on more than £145 in savings every year, according to research by shopping and fundraising website Give as you Live.
Almost half (40 per cent) say they change their insurance or energy provider ‘once every few years’ – a potential loss of more than £600 – while only a quarter (23 per cent) review their providers ‘once a year.’
Among those who do change their insurance or energy provider, wanting a cheaper rate is the main motivator (57 per cent), and fewer than one in ten Brits (9 per cent) change provider because they’re unhappy with their current provider.
In the gender stakes, men change more frequently than women, with 43 per cent of men saying they change their insurance or energy provider ‘once every few years,’ compared to 37 per cent of women. Over one in ten (12 per cent) of women also say someone else changes their provider for them.
Those in Norwich (39 per cent), Nottingham (35 per cent) and Newcastle (31 per cent) are more saving-savvy than the rest of the nation, saying they change their insurance or energy provider ‘once every year’. Some 35 per cent of Cardiff residents, however, say they’ve never changed their insurance or energy provider.
These results come from a survey by Give as you Live of more than 1,000 consumers across the UK, who were asked about their insurance and energy providers.
Greg Hallett, managing director of Give as you Live says, 'It’s a common scenario that once we have our insurance or energy provider, we stick with them because it’s seen to be a hassle to change. What many don’t realise though is that it’s not as hard as you think, and if you use services like Give as you Switch you can save plenty of money while also donating to charity at no extra cost. One supporter saved £1,921, so it’s definitely worth the change.'
Give as you Switch saves its users money on energy and insurance premiums, while boosting fundraising for causes close to shoppers’ hearts at no extra cost.
When users compare and switch their car, home, pet, bike, travel, van, breakdown, or energy provider with Give as you Switch, they can save an average of £144.99**** per year and raise up to £17 for the charity of their choice, the company says.
The free service allows users to enter details about themselves and the policy they want, and receive quotes from dozens of providers so they can compare premiums and features. Users can also notify Give as you Switch of their renewal dates to ensure they have plenty of time to make savings and raise even bigger donations.
* Based on prices from London to Skiros on SkyScanner, January 2017
**Based on TfL pay as you go price cap for zone 1-2 travel on Tube, DLR, London Overground, TfL Rail services and National Rail services, January 2017
*** Based on PureGym minimum cost per month of £12.99 as of January 2017
**** Over 60 days during 2016 customers using Give as you Switch to change energy provider saved an average of £144.99 a year.