Nine out of ten motorists surveyed by Quidco said they shopped around for their last car insurance policy, and three out of four compared at least five quotes before buying the new policy. But motorists who spent an hour or more searching out the best deal saved £100 on average, compared to £38 saved by people who spent 15 minutes or less.
More than eight in ten (84%) of the motorists who saved £250 or more on their car insurance said they spent at least an hour on their renewal.
Quidcos survey also found little evidence of loyalty by customers or insurers. Six in ten people that had tried to haggle said their existing insurer had refused to match or beat a better quote, and two thirds of motorists said that they switched insurers most years.
Nicola Frame from Quidco says:
Most motorists are now pretty savvy about shopping around and comparing prices to get the best insurance deal, and its possible to make a decent saving in a matter of minutes. But spend a bit more time visiting another price comparison site, checking if your current insurer will beat your new quote, or checking if you can get cashback, and you could end up with an another 60 quid in the bank – not bad for an hours work.
Motorists can currently get cashback of up to £75 if they buy their car insurance policy through Quidco, because Quidco gives the customer 100% of the commission that it receives for providing the insurer with a lead. More than 50 leading motor insurers are listed at Quidco and people can also earn cashback on price comparison searches.
Notes to editors
Survey of 1,089 Quidco members, March 2010
Time spent on car insurance renewal/ average saving (sample size in brackets)
15 minutes or less: average saving £38 (86)
16 30 minutes: average saving £77 (140)
31 45 minutes: average saving £83 (163)
46 – 60 minutes: average saving £88 (170)
More than 1 hour: average saving £100 (520)
Quidco is the easy way for people to save money on every purchase. It pays cashback when people click through and make a purchase at any of the 1,900 retailers listed on its website, by paying 100% of the commission it gets from the retailer, directly into the shoppers bank account. Members pay an annual fee of £5 which funds the site.
Quidco was founded in 2005 with a mission to help people save money and is the UKs leading cashback website (Source: Hitwise Jan 2010). The site is free to join and currently has more than 770,000 members who will save a total of £35m this year.