Home Insurance Leaves Britons £9 Billion Out of Pocket, Says Confused.com

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Britons could have saved an average of £9.3billion on their home insurance in the first six months of 2008 if they shopped around, according to Confused.com - the UK's leading insurance price comparison site.

Confused.com found that the average home insurance saving, per customer using the site, was a significant £193.81, whether they were looking to renew a policy at a lower rate, or looking to switch provider altogether. [1]

Car insurance can bring even greater average per person savings of £208.18. [2]

Simon Lamble, product director at Confused.com comments:

"With the average Confused.com customer saving £193.81 on home insurance and £208.18 on car insurance, it is certainly worth shopping around on comparison sites for the best possible deals. Many people never change their insurer out of loyalty, but it is important to look into whether the insurer in question is being loyal to the customer by passing on the most competitive rates. Although many customers stick with a specific provider, as a result of being happy with the service which they provide, it is always worth checking if you can get the same service at a reduced cost.

"Renewal figures should decrease year-on-year, unless the policy has been affected by changes such as building an extension or penalty points, so it is important to shop around to find the best deal. Comparison sites enable users to search a cross-section of the market, for the best priced products. As more and more customers turn to the internet to purchase insurance, it is hoped that the UK can claw back some of the billions lost through laissez faire attitudes towards finance, and particularly towards insurance."

Notes to editors

For further information please contact:

Caroline Spindlove                                
Confused.com                        
07970 136 737

Gug Kyriacou/ Joanna Harte                
Polhill Communications            
020 7655 0550

About Confused.com:

Confused.com is one of the UK's biggest and most popular price comparison services. Launched in 2002, it dominates the car insurance aggregator market with a massive 70% market share and generates over one million quotes per month. It has expanded its range of comparison products over the last couple of years to include home insurance, travel insurance, pet insurance, van insurance, motorbike insurance, breakdown cover and energy, as well as financial services products including credit cards, loans, mortgages and life insurance.

Confused.com has 62 motor insurance partners, and customers can save up to on average £208. It also has a panel of 43 for home insurance, and customers who use Confused.com for home insurance can expect to save up to £193.

Confused.com is not a supplier, insurance company or broker. It provides a free, objective and unbiased comparison service. By using cutting-edge technology, it has developed a series of intelligent web-based solutions that evaluate a number of risk factors to help customers with their decision-making, subsequently finding them great deals on a wide-range of insurance products, financial services, utilities and more. Confused.com's service is based on the most up-to-date information provided by UK suppliers and industry regulators.

Confused.com is owned by the Admiral Group plc. Admiral listed on the London Stock Exchange in September 2004. Confused.com is regulated by the FSA.

(1) Customers who provided a best alternative price on their combined buildings and contents policy between 1st January 2008 and 1st June 2008 saved on average £193.81

(2) Of all customers who provided a best alternative price between 1st January 2008 and 1st June 2008 the average saving was £208.18.

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Caroline Spindlove
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