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Nearly 25% of Brits do not switch car or home insurance providers

By Tom Farley, Mon 6 Jun 2011 - Published in Car Insurance

Nearly a quarter of Brits have never switched the provider of many of their financial products, including car and home insurance.

This is according to Gocompare.com, which claims that over a fifth of people in the UK have never changed their energy, mortgage or credit card supplier.

The website's research found that 14 per cent of Brits have never switched their home insurance provider and 31 per cent have not changed bank accounts.

John Miles, business development director at Gocompare.com, said: "Many people find financial products daunting, and perhaps do not have the confidence to shop around for a better deal."

Recently, Moneysupermarket.com revealed that inflation has been piling the pressure on UK homeowners with many Brits' finances approaching the breaking point.

Kevein Mountford, head of banking at the website, noted that with premiums and day-to-day living costs increasing it can be wise for people to shop around for new policies.