Drivers waste £1.9 billion on insurance

A TOTAL of £1.9 billion is being wasted by drivers in the UK who automatically renew their car insurance without shopping around for the best deal.

A study has found 2.4 million drivers in the UK don’t bother to compare quotes to get the best deal when their car insurance comes up for renewal. The research by Moneysupermarket.com found 8.6 million drivers in Britain could be better off by up to £220 per year each if they moved to a new insurer.

Many drivers prefer to stay loyal one insurer and over-55s are the most likely to remain with the same insurer for more than two years. The study found female drivers are more likely to shop around than men and drivers in London tend to automatically renew their insurance without looking for a better deal. East Midlands drivers are the most shop around the most.

Kevin Pratt of Moneysupermarket said: ‘It’s a shame to see so many drivers blindly accept their insurance provider’s renewal quote instead of taking action to save cash on their cover. Motorists don’t even need to ‘drive’ a hard bargain. Average premium quotations are up to £220 less for those who shop around. It really pays to not just accept the renewal price quoted by your existing car insurer.’

By Press Association reporters