Contract renewal prices rarely offer the best price available. But despite this, many people are still hesitant to switch, especially when it comes to mobile phone contracts, new research from Go.Compare has revealed.
More than 1 in 10 Brits (12%) admit they regularly forget about their renewal until it’s already too late, and a further 16% said they typically let the auto-renewal go through instead of shopping around.
The research also revealed that there are some products we’re much less likely to shop around for than others. Over a fifth of people (22%) said their mobile contract was the thing they were least likely to switch providers for, while 17% said it’s unlikely they’d shop around for their broadband.
| Product | % of people unlikely to switch* |
| Mobile phone contract | 22% |
| Broadband | 17% |
| Energy (electricity/gas) | 16% |
| Car insurance | 12% |
| Life insurance | 11% |
| Pet insurance | 10% |
| Home buildings/contents insurance | 7% |
A further one in ten admitted they are unlikely to switch their car insurance, possibly missing out on savings of £133.
The comparison site asked Brits about their habits when it comes to shopping for personal finance products and discovered that while nearly half (48%) regularly compare the deals available before renewing, others aren’t so diligent.
The research also reveals that across all products it’s older customers who are most likely to always compare their options to negotiate a better price (35%) while one in five of those aged 18 to 24 tend to forget about their renewal until it’s already auto-renewed.
Matt Sanders, spokesperson for Go.Compare commented on the findings: “While auto-renewing might feel convenient, most customers will be paying the price for letting their contracts roll over. Our research shows that there are a significant amount of people in the Uk who could save money on their household bills simply by shopping around- particularly when it comes to their mobile contract, broadband and energy provider.
“Shopping around and switching providers doesn’t have to be complicated or time consuming – using a comparison website like Go.Compare makes it easy to see multiple options in one place and find a deal that gives you what you need at the best price.
“If you are someone who tends to forget that a bill is renewing, the new year is a good time to sit down and work out when your expenses renew and set yourself reminders to shop around.”
For more money saving tips and to compare your bills visit https://www.gocompare.com/
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