Drivers wasting money on automatic car insurance renewals

Many UK motorists are wasting money by failing to search for a better deal and automatically renewing their car insurance policy with their existing provider.

This is the suggestion of new research from MoneySupermarket, which found drivers could be throwing away around £404 a year – which equates to £3.1 billion as a nation – by sticking to their current arrangement.

It was shown that nearly eight million road users automatically renew their agreement without shopping around for a more cost-effective option.

Of those questioned as part of the survey, 11 per cent claimed they did not think they could save money by switching and eight per cent admitted they could not be bothered looking for an improved deal.

Pete Harrison, car insurance expert at the price comparison website, noted: “With many families returning home from a well-deserved summer break, household budgets are likely to be strained and its important people don’t just accept the renewal price from their car insurance provider .”

Mr Harrison claimed the findings illustrate the importance of shopping around for a better offer, adding there is no excuse for motorists to be apathetic when it comes to car insurance renewal.

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