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Survey Highlights Reluctance To Shop Around For Best Insurance Deals

Wed, 03 Sep 2014

DRIVERS in the UK are missing out on saving £2 billion by not shopping around for the best insurance deal and simply going with their automatic renewal. This means 8.2 million drivers in the UK are missing out on saving and average of £222.66 each.

A study has found 36% of drivers have been with the same insurer for three years or more and less than half of all drivers (46%) check their new quote against the previous year’s to make sure they are getting the best deal. Many drivers assume the cheapest quote from the previous year will still be the cheapest when they renew.

Other reasons cited by drivers for not changing insurer or seeking a better quote include it being too much hassle (21%), not wanting to change a Direct Debit (18%), and their current insurer was good to deal with (12%). Some drivers also said they lacked confidence to get a better deal (8%) and worried they might lose their no claims discount (8%).

The research was carried out by Gocompare and their Lee Griffin said: “September is always a busy time for insurance renewals and while not everyone will be changing their car this year, there will be millions of renewal notices already sitting on the nation's coffee tables and 'to-do' piles. Now is the time to be shopping around to try and get a better deal as many insurers will happily renew your insurance automatically unless you contact them to tell them otherwise.

‘Millions of drivers are potentially overpaying for their car insurance to the tune of nearly £2 billion a year, in the mistaken belief that an insurer offering the cheapest premium one year is bound to offer the same good value the next. However, loyalty counts for very little when it comes to insurance and many drivers would be better off switching rather than sticking with the same insurer.”

By Press Association reporters