UK Motor Insurance Customers May Be Overpaying Due to Low Switching Rates
A GlobalData survey reveals that many UK motor insurance customers are not switching providers at renewal, leading to potential overpayment. Only 27.6% of respondents switched insurers, while 24.6% renewed without shopping around. This behavior suggests that consumer inertia and switching friction are significant factors in the market.
Topics: consumer behavior insurance market efficiency overpayment switching rates