Customers missing out on car insurance savings

A high number of customers in the UK are missing out on the opportunity to make sizeable savings regarding their car insurance deals.

This is the suggestion of new research from Gocompare, which found 27 per cent of drivers rolled over their last policy by allowing their providers to auto-renew the deals.

According to the findings, these motorists are potentially missing out on a collective £3.1 billion.

It was shown that 31 per cent of those who permitted such action did so because they felt loyalty toward their insurer, while 33 per cent did likewise because they thought the cheapest option in 2011 would be the same in 2012.

Scott Kelly, head of car insurance at the price comparison website – launched in 2006 – explained firms often send letters out to consumers advising them they do not need to change their policy.

However, this could result in them missing out on the cheapest deals and Mr Kelly observed that while it may be “convenient to let your cover roll-over for another year but, for the sake of a little time spent comparing your renewal premium, auto renewing could be costing you a packet”.

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