More than seven million drivers stay with their existing insurance provider when it comes to renewal time, collectively losing more than £2 billion in savings.
Research has found that 7.3 million drivers automatically renew their insurance policy with their existing provider, rather than shopping around for a better deal.
This failure to hunt out the best deal is costing motorists as much as £375 per year, or £2.8 billion collectively.
ìWith household budgets under continuous pressure, and fuel prices at record highs, it is worrying so many drivers are willing to throw money down the drain,î said a car insurance expert.
ìIt’s vital motorists don’t just accept the renewal price from their current insurer, and instead scour the market to find the best value car insurance deal to suit their needs.î
Of those who donít change insurer at renewal time, it was found that 10% donít think they can save money by switching, while 7% say they simply canít be bothered to find a new insurer.
ìIt doesn’t matter if itís pure indifference or idleness – the fact is, motorists who don’t shop around at renewal time are really missing out on potential savings; when every penny counts this is an expensive attitude to have,î
It was found that the older generation is the most loyal to their insurer, averaging 3.2 years with the same provider. The younger generation are more likely to shop around, averaging 1.9 years with the same insurer.
ìInsurers rely on driver apathy at renewal time; loyalty may not be rewarded with a cheaper premium and drivers should do their homework to check whether they can find a better deal elsewhere,î
ìEven if you don’t think your quote can be beaten, it only takes a few minutes to make sure you really do have the best policy to suit your needs.î
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Research and quotes supplied by MoneySuperMarket