Car insurance customers could save themselves £300 a year by switching to a new provider instead of renewing their existing policy.
This is according to new research conducted by MoneySupermarket.com, which found motorists in the UK are throwing away more than £2 billion by sticking with their current insurer and not scouting out better deals.
It revealed the average driver remains loyal to their car insurance provider for 2.7 years, while people over the age of 55 are the most faithful and typically stay with their insurer for 3.5 years.
Pete Harrison, car insurance expert at the price comparison website, said it is a shame so many individuals are renewing their policies when they could take action and save some cash.
“No matter where you live or how old you are, it’s vital to do your homework at renewal time, as searching for a better deal doesn’t cost you anything and there is much to gain,” he remarked.
It was recently discovered in the AA’s British Insurance Premium Index that car insurance quotes for an annual comprehensive policy fell by 2.9 per cent during the final quarter of 2012.