Insurers do not reward loyalty

Comparison website Gocompare.com has told motor insurance buyers to change insurers because insurers do not reward loyalty.

Hayley Parsons, chief executive Gocompare.com, said: “Motorists who don't switch their insurance this year will potentially pay a very high price for their misplaced loyalty. The best way to avoid the double-digit increases predicted by the AA is to stick your own double-digits up to your renewal quote and shop around for a better deal.”

"In the main, insurers don't reward you for your loyalty - and this year it looks like those people who don't switch will be subsidising those that do.”

Parsons added: “Costs are rising and the insurance industry needs to sort this out, but at the moment the only solution seems to be to increase premiums. However, that doesn't mean drivers have to accept these kinds of increases. Not all insurers are increasing premiums and individual providers will judge each particular risk differently.”