British drivers are losing out on saving £375 a year by not shopping around for better deals when their car insurance renewal time approaches.
Laziness towards motor insurance renewal is costing UK motorists a total of £2.8 billion, according to a new study from leading comparison website MoneySupermarket.
Up to 2.6 million car owners who are already suffering the high prices of fuel are adding extra costs by failing to switch to providers who may offer more cost-effective policies.
Two out of ten British drivers (7.3 million) automatically renew their car insurance with their current provider instead of comparing prices and shopping around. 10% of them argued they do so because they don't believe that money can be saved by scouring the market for better deals, while 7% honestly answered that they simply "can't be bothered" to take the time to find discounted policies.
Drivers' habits across the UK
Further trends revealed in the study indicate that younger Brits are more likely to shop around for their insurance - staying with the same company for 1.9 years on average; whereas drivers aged 55 or over stick to their car insurance company for an average of 3.2 years.
Regarding UK regions, motorists in Northern Ireland are faithful to their insurer for almost three years, whilst those in Yorkshire & Humberside only stay for 2.1 years with the same company. Out of the whole UK, motorists in London are the most likely to make automatic renewals, with 29% of them doing so.
"With household budgets under continuous pressure, and fuel prices at record highs, it is worrying so many drivers are willing to throw money down the drain," said Pete Harrison, car insurance expert at MoneySupermarket.
Harrison stressed that it is vital that motorists don't just accept the renewal price from their current insurer, and instead investigate the market to find the best value car insurance deal to suit their needs.
