People who automatically renew their car insurance could be wasting significant sums of money as a result.
This is the suggestion of new research from Gocompare.com, which showed motorists may throw away a collective £4.7 billion by failing to shop around for the best deal.
The price comparison website explained September can be a peak time for car insurance renewals due to the release of new number plates in the month.
However, the study showed 44 per cent of drivers have stuck to their current deal for more than two years and are therefore running the risk of missing out on substantial savings.
Scott Kelly, head of motor at Gocompare.com – which was launched in November 2006 – noted: ” Car insurance premiums are at unprecedented high levels and significant savings can still be made by comparing policies as different insurers assess risks differently.”
Mr Kelly explained people could save an average of £399.50 by changing their cover provider.
Despite this, it was found that 31 per cent of motorists have failed to switch deals for three years or more.