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Two-thirds of Britons hit by insurance premium rise

15 July 2008

Tescocompare.com has said two-thirds of British consumers are at risk of paying high insurance premiums because they are unwilling to shop around.

Low introductory rates that later rise could catch people out, said the comparison site.

This may potentially lead to debt if the consumer is unaware of the increase.

Figures from Tescocompare.com show one in ten motorists haven`t switched car insurance providers in a decade while 64 per cent of home insurance policy holders did not change providers at the last renewal date.

This is despite 44 per cent of those questioned seeing an increase in their premium.

Director of commercial and partnerships at Tescocompare.com Paul Baxter said: "Our research clearly shows that the majority of people don`t switch their home insurance provider at renewal, which means people do end up paying higher premiums than necessary."

He added that people may be able to save money by changing their insurance providers to avoid higher rates.

In related insurance news, holidaymakers have been urged to protect against events such as illness. Halifax has named Spain as the worst destination for food poisoning.
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