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Drivers reluctant to shop for best insurance deals

PUBLISHED: 16:14 04 September 2014 | UPDATED: 16:14 04 September 2014

Insurance is a must but are you getting the best deal?

Insurance is a must but are you getting the best deal?

PA

Many drivers are reluctant to shop around for the best deal on their car insurance, according to a new study.

Drivers in the UK are missing out on saving £2bn 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 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 being good to deal with (12%). Some drivers also said they lacked confidence to get a better deal (8%) and worried they might lose no claims discount (8%).

The research was carried out by Gocompare where 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 £2bn a year.”

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