Remaining loyal to the same car insurer year after year is costing UK motorists dear, new research has found.
According to MoneySuperMarket.com, UK drivers are wasting £1.9 billion annually by remaining with their existing car insurer and failing to shop around for a better deal. The comparison site found that 8.6 million drivers across the country automatically renew their car insurance policy with the same provider every year.
It is not just individual motorists who can learn a lesson from this research – motor traders could also benefit from shopping around for an online motor trade insurance quote. However, ensuring you have the correct cover in place far outweighs making a small initial saving, as skimping on a comprehensive deal could prove extremely costly in the long run. Speaking to experts such as Choice Quote can help you to tailor a policy to your specifications, with a price and cover to suit.
Thirteen per cent of the private motorists surveyed attributed the automatic renewal to a belief that they would not save money by shopping around for a better deal, while a further 7 per cent said that they could not be bothered to change policies or insurers.
Personal car insurance expert at MoneySuperMarket, Kevin Pratt, commented: “It’s a shame to see so many drivers blindly accept their insurance provider’s renewal quote instead of taking action to save cash on their cover. Motorists don’t even need to ‘drive’ a hard bargain.
“Average premium quotations are up to £220 less for those who shop around. It really pays to not just accept the renewal price quoted by your existing car insurer.”