27th October 2007
Stick or switch? Young women drive the trend & vote with their mouse!
Young female car insurance switchers focused on price are behind the growth in the price comparison site market (which is set to double in size by 2010), according to industry research commissioned by comparethemarket.com.
comparethemarket.com spokesperson Mark Vile says, "These young women see car insurance as necessary but not necessarily exciting! They'd rather be savvy and shop around, so they can save money to spend on something else. Statistics show young women are becoming increasingly more tech-savvy than their male counterparts - so this trend is likely to rise and rise."
comparethemarket.com research also reveals 80% of car insurance shoppers rely on the internet to obtain quotes, currently comparing an average of four quotes before deciding whether to switch. A fifth of people compare eight quotes or more. Savings can reach up to £200 per annum against the renewal fee on the existing policy.
And surprisingly, two thirds of car insurance shoppers will visit at least two price comparison sites, rather than relying on one. Mark Vile adds, "It's an interesting development that people are checking several websites. That's why we're so focused on ensuring the 'price you see is the price you pay' - customers can be confident they're seeing the true price for their needs."
Another surprising finding is that, despite high awareness of price comparison sites and that switching insurer can save significant amounts of money, 56 per cent of people don't change their insurer at all. Despite, this, 57 per cent of the same group say that insurance quotes are important to them.
Mark Vile comments: "Sticking with previous insurance is rarely cost-effective - you can almost always find a better deal online. That means half of the UK are missing out on cost savings that really do add up. Comparison sites can find you a good deal in just a couple of minutes."
For more information visit www.comparethemarket.com.
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