According to recently released research findings from one car insurance comparison website, as many as 25 per cent of British motorists are missing out on cheaper car insurance by not shopping around for the best deals when it comes to renewal time.
Looking into the habits of British drivers in regards to purchasing discount car insurance, the study found that one out of four of these motorists will simply automatically renew their quotes. However, according to industry experts, doing so could very well be not the most financially responsible move these drivers could make.
Industry insiders are quick to point out that taking the time to shop around for the best rates can result in massive savings, with some experts stating that drivers could stand to save as much as £348 a year. In the current economic landscape, with the costs of keeping a car continuing to rise at a staggering rate, the extra cash could spell the difference between having to give up a car or continuing to own one.
The research results also discovered that one out of every five motorists would be willing to switch insurers, as long as they could be offered savings of £25. The average savings needed to compel motorists to switch was found to be just over £54.
Industry experts advised drivers to take a pro-active approach in finding a better deal. Doing so could result in significant short term savings, and as Brits are feeling the pressure in the current economic landscape, one of the best ways to cut costs is to simply spend some time and check different insurers for the best deals.
The investigative study also found that, for two out of every three respondents, the primary motivation for changing their insurance provider was to find less expensive cover with a competitor. Meanwhile, seven per cent of respondents indicated that they would switch insurers if offered cash back, free breakdown cover, or a gift voucher.