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12/12/05

Laziness is costing millions of Brits dearly with many paying over the odds for their insurance policies because they fail to shop around for the best deal, a new survey says.
 
Around 24 million home and car owners automatically renew their existing cover without even checking the price they are paying against that offered by other insurance companies, according to research by market analysts Mintel.
 
It found that almost half of people do not have the time or inclination to shop around for a better deal on their car insurance.
 
But the true extent of the insurance apathy is revealed when it comes to home and contents policies. Almost two thirds of people do not seek out cheaper alternatives.
 
Of the third who say they get more than one quote before taking out a policy, 11 per cent just checked with one other provider.
 
Paul Davies, senior finance analyst at Mintel, said that people need to be switching their policies regularly in order to get the best deal to suit their needs.
 
He said: "The majority of people feel that they are happy with their policy, but as they have not looked around for any alternatives a better option could be just a phone call away.

"Unless they have made a claim they cannot really assess just how good their provider or policy really is."

Mr Davies added: "On top of this many people do not realise that although they may get a good deal for the first year of their cover they will almost certainly pay more for the second year as their premium rate increases."

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