Even prior to the recent fall in economic activity in the UK the insurance industry was attracting more than its fair share of controversy with premiums rising across all areas of the sector, from car insurance to house insurance and everything in between. But is online insurance the answer to cost savings? Does it really make a difference?

All you need to do is ask those who have used the many online services now available and you will soon have the answer. The online route offers many insurance companies a more direct route to market, a reduced cost base and the chance to pass cost savings directly to their customers. The fact that many will offer you a 10% discount just for buying online is a sign of the savings which are out there.

The internet has also brought about a mass of new and informative insurance comparison sites which have opened the eyes of many to the additional cost savings available. The vast majority of UK insurance customers are known to sign up for renewal agreements without checking the market for better deals – concerned that a move between companies will cause delay and excessive paperwork.

However, the internet has taken away much of the pain from changing insurers and there is very little paperwork to be completed. In fact it is possible to be insured via a new company in less than an hour using the internet and the savings which come with this. The more competitive the online market becomes the more benefits for insurance customers throughout the UK – but will they make use of these opportunities?

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