Home insurance is the easiest financial product to switch, a survey commissioned by Gocompare has found.
The poll of more than 2,000 people found that the majority of consumers (90%) who had changed home insurance provider thought the process was easy.
Car insurance (84%) and credit cards (83%) were the next easiest products to switch.
Changing internet provider was the most difficult service to change, with 68% of respondents saying they found it easy.
The survey also found:
- 51% of respondents haven’t switched any of the 10 most common financial products in the last year
- the most commonly switched products over the last 12 months were car insurance (16%) and energy provider (15%)
- just 2% changed their mortgage provider over the same period.
Claire Peate, customer insight manager at Gocompare, said:
“Rather than just accepting your existing provider’s renewal terms, you should check that the deal you’re being offered is competitive. However, policies vary widely in the levels of cover they provide, so it’s essential to compare products on a like-for-like basis rather than on price alone.
“…before changing your mortgage, you should check whether there are any penalties for switching out of your existing deal. Some products – discounted or fixed rate mortgages in particular – have early exit penalties which together with new product set up costs, may offset any switching savings.”
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