A failure to shop around is costing some British drivers hundreds of pounds each.
A survey found that 36% of car owners had been with the same insurance provider for three years or more suggesting that people are choosing to just accept renewal offers rather than shop around and try to find a better deal. It is believed that drivers are either lacking in confidence or just don’t want the hassle of searching; they found that 46% don’t even compare their new quote to last year’s.
8.2 million people are thought to be missing out on potential savings which would average at £222 each. 21% of those asked said that it was too much hassle shopping round, 18% said they didn’t want to have to change a direct debit, 12% were happy with the way their current insurer dealt with them, 8% were fearful of losing a no claims discount and 8% were lacking in confidence.
Lee Griffin works for a leading car insurance site and 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.
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