Drivers are set to squander £1.7 billion collectively, or £270 each, by staying with their current insurance provider and not shopping around.
According to research from the comparison site moneysupermarket.com, around a fifth of drivers (19 per cent) automatically renew their car insurance with their existing insurer, rather than shopping around to get a better deal. Of these, 11 per cent don’t believe they can find a better insurance policy and 2.7 million motorists (eight per cent), say they will automatically renew their insurance because they are unwilling to make the effort to see if they can save money .
Peter Harrison, car insurance expert at moneysupermarket.com said: “It’s important that drivers take the time to shop around to take advantage of the savings that can be made by switching. In just a small amount of time, motorists could save themselves £270 a year. Its is more important than ever at the moment to make sure you get the best deal on cover, especially when escalating fuel prices and the rising cost of insurance cover is hitting motorists hard.”