A survey recently conducted by the website found that shopping around for car insurance could benefit as many as 9 million motorists in the UK. This is because these drivers simply renew their current motor car insurance policy with their providers every year without looking for better deals.
The survey found that a large proportion of motorists believed that staying with their providers would benefit them through some sort of loyalty-based discount to their premiums. However only 45 per cent of motorists actually check to see if their premium price stayed the same before entering into another agreement with their current provider.
Just over one quarter of drivers in the UK stated that they haven’t switched providers because they felt it was the only way to ensure the most affordable rate for the coming year. However for many this has turned out to not be true, as premiums have been rising steadily across the board.
Many motorists decide to stay with their insurers due to the inconvenience of switching providers. A large number of car insurance companies bank on this trend as a way to retain a healthy customer base, research revealed that 39 per cent of motorists have been with the same insurance provider for at least three years. 5 per cent were found to have been loyal to their insurer for more than a decade.
This loyalty may be displaced, say insurance experts. If motorists would take the time to shop around every year in order to find the most competitive premiums they could find, in the long run they could end up paying thousands of pounds less over time than they do now.