Motorists missing out on £2 billion savings a year
British motorists are missing out on more than £2 billion a year by failing to shop around when renewing their car insurance, according to new research.
On average, motorists could save £300 a year by shopping around for their car insurance..
It seems apathy reigns when it comes to renewing car insurance as the study found two millions drivers simply cannot be bothered to switch.
The study by price comparison website MoneySupermarket also found seven million drivers fostered a loyalty to their existing provider, despite the fact they could be losing out on up to £300 by not looking for a cheaper deal.
Released to mark the introduction of the new '13' plate car registrations next week, the research found motorists generally stick with their provider for just under three years, with London drivers staying for three and a half years while Yorkshire drivers remain put for less than two years.
Do your homework
Pete Harrison, a car insurance expert at MoneySupermarket, says: "At a time when it's pretty tough out there for motorists, it's a shame to see so many drivers surrender so easily to their insurance provider's renewal quote instead of taking action and saving 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.
"It takes about five minutes to check if there is a cheaper policy out there to suit your individual needs," he adds.