Shopping for insurance could save millions
Results from a new survey conducted by a leading financial institution, urges consumers not to be hasty when buying life and home insurance.
According to the new data, British consumers collectively waste over £40 million pounds per year on home and life insurance by purchasing policies through their home loan providers, rather than shopping around.
Almost 50% of consumers purchase such insurances through their home loan providers, and over 15% feel they are bound to purchase from their providers as part of their agreement. An additional 65% of all people do not so much as entertain the prospect of shopping around, preferring to take the “easier” option of bundling insurance into their loan agreement.
It is important for homeowners to realise that insurance products are additional to their main loan agreement, and taking the easier option is rarely the cheapest. Very few consumers are aware that insurance through lenders can be considerably more expensive, than if sourced through independent providers.
As with any other type of product or service, consumers must compare the entire market before making a decision, as good quality research can result in substantial savings.
