In brief...: 6m switch car insurer

May 9 2008

Money

More than six million people have switched car insurance provider during the past six months in a bid to beat rising premiums.

Around 14 per cent of people said they had changed insurer when their policy came up for renewal, claims financial website MoneyExpert.com.

The group predicts car insurance firms will hike premiums by around 10 per cent this year due to rising claims costs.

But it said insurers were still able to offer discounts to new customers, by raising the cost of cover for existing ones.

Sean Gardner, founder of MoneyExpert.com, said: "When it comes to car insurance, loyalty does not pay."