Over 90 per cent of Irish consumers who switched car insurance providers last year saved an average of more than €100 each, according to a study by the National Consumer Agency (NCA).
The latest study carried out by the agency points to the value to be found by shopping around. It shows 85 per cent of people who switched products or service provider across a range of key categories saved money as a result.
The agency said 95 per cent of those who switch car insurance company saved an average of €102, while 91 per cent of home insurance switchers found cheaper premiums elsewhere and were able to knock €84 off the cost of their policies.
The research found that 13 per cent of consumers switched car insurance providers, 12 per cent changed their mobile phone provider while 10 per cent of consumers changed where they did their regular grocery shop last year.
“The research indicates that real savings can be made by switching and we would advise consumers to continually review all their household bills, to compare the alternative options available and switch providers if a better deal is on offer,” the agency’s chief executive Ann Fitzgerald said.
“The incentive for doing so is particularly strong in relation to car and home insurance with over nine in ten respondents making significant savings by switching in these areas,” she said.
The research also looked at repeat switching for the same product or service over the past five years. The highest level of repeat switching was found in the car insurance sector, where 21 per cent of those asked said that they had switched provider more than once. Twenty per cent of mobile phone users switched operator on more than one occasion.
A total of 84 per cent of those switching said they found the process easy, with 50 per cent saying they are receiving a better service with their new provider and just 2 per cent saying the service was worse.
“Markets are constantly changing and providers are introducing new offers all the time so even if you have switched provider in the past, keep an eye out for better deals and avail of them, if you can,” Ms Fitzgerald concluded.