Auto insurance is the service provider most likely to look to deal with inflationary pressures

Auto insurance is at the top of the list of purchases consumers are looking for to help them cope with the cost of living crisis.

Around 67 per cent of consumers say they are now looking for cheaper car insurance, according to a survey commissioned by Aviva Insurance Ireland.

Car insurance costs fell 10 percent in the year to November, figures from the Central Statistics Office show.

However, the cost of household contents insurance has risen by 12 percent in the past year.

The Aviva survey of 1,000 adults nationwide, conducted by iReach Insights on behalf of Aviva, sought to understand what are the most common items consumers search for at renewal or contract end.

Rising costs of electricity and gas have meant that the second most popular service to look for is energy.

And broadband bills tend to get people thinking about getting better value when their contract is up for renewal.

Just over half of those surveyed stated that they had looked around for their home contents insurance.

Just over a third are looking for the best TV package, while a third make a similar attempt when renewing their health insurance.

Only 11 percent of those surveyed say they do not buy any of these items.

The Aviva survey found that more men than women are looking into auto and home insurance, broadband and healthcare providers.

More women are taking responsibility for purchasing from their electricity or gas supplier.

People under 24 and over 55 are more likely to shop around when renewing their car insurance.

Those between the ages of 18 and 24 are more likely to be looking for the cheapest health policy.

Aviva’s Billy Shannon said: “Our research shows that consumers are actively looking for a better price when renewing various policies and other service providers.

“No doubt driven by the continued rising cost of living and aided by the increasing convenience of switching, all of this makes it easy for consumers to understand if there is better value for money on the market, and with a number of them offering the Facilitate the changeover process.”

As part of the survey, respondents were also asked how much it would cost to switch their home insurance provider.

A third said they would switch for any amount.

A similar proportion of respondents said they exchanged for different amounts between €50 and over €200.

However, 13pc said it would depend on how complicated the switching process was, while 14pc said it would depend on the insurer they switched to, the survey shows.

Mr Shannon said: “Interestingly, men are slightly more likely than women to switch home insurance providers when it comes to savings, and more women than men say it’s not just about the money but how complicated the switching process is for them. ”

He said women are also more likely to consider which insurer they would switch to,” concluded Billy Shannon.

https://www.independent.ie/business/personal-finance/motor-insurance-the-service-people-most-likely-to-shop-around-for-to-cope-with-inflation-pressure-42213535.html Auto insurance is the service provider most likely to look to deal with inflationary pressures

Fry Electronics Team

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