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Tesco releases car insurance research

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One in three drivers in the UK have switched their car insurance cover in the past year, new figures from Tesco Compare show.

Nevertheless, around 20 per cent of motorists were also found to have stuck with their provider for more than five years - potentially missing out on hundreds of pounds worth of savings.

The increasingly competitive car insurance market has resulted in several providers offering 'sweetener' discounts and deals for new customers such as 'free months' - providing compelling financial reasons to switch.

Accordingly, 71 per cent of poll respondents who have changed providers in the past year told Tesco Compare that the cover's cost was the most important factor in the move.

However, 35 per cent of those who have been with their current provider for over five years said that the level of cover, rather than its expense, was the primary factor in them staying.

Director at Tesco Compare Paul Baxter commented: "This research suggests that if a car insurer wants the loyal customer that doesn't switch they need to concentrate on the cover their policy provides and how they communicate it to the policyholder.

"Initiatives such as money back schemes and 'free months' won't be as effective in keeping customers happy as good levels of the right cover that is understood by the customer."

Market savvy customers are advised to shop around for the best car loans deals along with their insurance.

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