People 'must shop around on home insurance and breakdown car cover'

Research has shown that many Brits do not shop around on insurance.

Taking the time to compare savings on the best home insurance and breakdown car cover policies available in the UK is crucial for people eager to avoid wasting their hard earned cash.

That is according to new research conducted by Virgin Money and published yesterday (December 21st 2010), which has found that Britons spend a collective amount of more than £1.5 billion on premium increases related to such insurance products due to their reluctance to shop around for attractive deals.

Virgin revealed the average customer is willing to accept an annual increase of 8.13 per cent across the board on their yearly motor and home insurance packages, with 45 per cent of policyholders choosing not to compare savings on alternative products.

Kieran Hartigan, managing director of protection at Virgin Money, said: "Searching for insurance renewal quotes can be a bit of a chore but a massive £1.5 billion each year could be saved."

Meanwhile, the AA said recently that breakdown car cover claims are increasing in the UK because of the current treacherous driving conditions across the nation.

By Nate Sawyer