We often tend to stick with the same company whether they are supplying our Wi-Fi, TV package, electricity and gas or even our insurance. As a nation, us Brits are a lot less prone to change suppliers but the bad news is it could be costing us a good deal of money.
That’s according to quotemyenergy.com who have produced an infographic which shows we could save as much as £2,827 by switching more often.
One of the biggest areas where we’re always encouraged to shop around is energy. There are more utility companies than every before and competition means that you can generally get a better tariff if you try. According to the quotemyenergy research, customers can hope to benefit from a £386 saving by switching. The good news is that it’s easy to do.
TV and Wi-Fi
Many of us nowadays have broadband and television packages and, while the choice is a lot more limited than with our utility bills, you can negotiate some significant savings if you’ve reached the end of your contract. In fact, you could save on average £135 by either switching or making a better deal with your existing company.
If you’ve reached the end of payments for your mobile phone, continuing with the contract can cost you money. Switching to a better bundle can save you around £204 a year and there are some bargain contracts out there nowadays to choose from.
We take our insurance for granted and many customers stick with the same company for years on end. Again, according to quotemyenergy, shopping around just a few weeks before your renewal date can make a big difference on what you pay. You should expect to save around £137 a year on motor insurance and, if you’re a frequent traveller, you can also save £26 a year on travel insurance simply by looking for a better deal.
If you’re one of those energetic people who just love to go to the gym, you can also find a lot of good deals around if you’re prepared to switch or negotiate a new contract. That could save you as much as £240 a year if you make the right choice.
The research by quotemyenergy suggests that loyalty can be a problem when it stops you shopping around. Those who do make the effort to change suppliers and look to cut the costs can save almost £3,000 a year. You can see the full infographic here.