New research has recently revealed that loyalty to car insurance companies doesn’t always pay when it comes to renewal time.
Many motorists will be renewing their motor car insurance with the advent of the new ’11’ registration plates in the coming weeks. Yet motorists who don’t shop around for better car insurance rates waste around £270 each, leading to an approximate collective £1.7 billion.
At 19 per cent, nearly one out of five motorists polled in a recent survey indicated that they simply renewed their insurance cover with their existing providers instead of shopping around for discount car insurance as an alternative. 11 per cent of respondents stated that they were convinced it would be impossible to find a better deal than they already have. Furthermore, 8 per cent of those surveyed don’t want the hassle of even trying to compare car insurance quotes. Drivers over the age of 55 were found to be the most common demographic to not bother to shop around at 21 per cent.
One insurance industry expert stated that drivers could access significant savings if they would simply take the time to shop around. This is particularly important as the insurance renewal season is upon us, the expert added.
Due to the rising costs of insurance cover and escalations in fuel prices, ensuring motorists have the best deal they can find in regards to car insurance is more important than ever, stated the expert.
The research study’s findings indicated that insurance provider loyalty on the part of customers averaged out at a span of 2.6 years. Motorists over the age of 55 proved more loyal, as the average span for an older driver was 3.3 years in comparison.