If shopping around for the best car insurance when it comes time to renew your annual insurance policy isn’t your cup of tea, you’re contributing to the loss of £2.8 billion every year as apathetic drivers miss out on discount car insurance quotes, new research recently discovered.
A major car insurance comparison site conducted the research, discovering that one out of every five drivers, which is equivalent to around 7.3million Brits, choose to simply renew their insurance cover automatically with their current provider instead of shopping around for a better deal. Each of these motorists stand to lose around £375 every year by choosing not to switch to a cheaper provider, leading to a total cost of somewhere in the region of around £2.77 billion collectively in lost opportunities every year for the nation’s apathetic drivers.
Moreover loyalty to your current insurer is quite often not rewarded, even when no claims discounts are taken into account, as insurers raise their rates to compensate for the discount. The group most likely to be victimised by their insurers is the over-55 crowd, as older drivers tend to stay an average of 3.2 years with their current provider before finally switching to a cheaper insurance firm.
One car insurance expert from the comparison website commented on the research results, remarking that with fuel prices at record highs and household budgets under pressure from all angles, the fact that so many motorists were simply throwing money down the drain by not switching insurers was worrisome. Drivers must not simply take whatever their current insurer gives them in regards to renewal pricing, the expert added, stating that it is vital to shop around in order to find the best balance between cost and cover that fits an individual driver’s motoring needs.