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Car insurance auto-renewals wasting billions as Brits fail to look around

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05/09/2012
Motorists are being warned that loyalty to an existing insurer may end up costing them an extra £4.7bn a year from auto-renewals.
Car insurance auto-renewals wasting billions as Brits fail to look around

September is traditionally a peak month every year in car insurance renewals as new license plates hit the market, but Gocompare.com warns that billions are being wasted by simply staying on with the same insurer.

The research highlights that 44% of motorists polled had not changed their insurance providers for over two years.

Scott Kelly, head of motor at Gocompare.com’s, commented, “Car insurance premiums are at unprecedented high levels and significant savings can still be made by comparing policies as different insurers assess risks differently.

“We know from our own figures that motorists can save an average of £399.50 by simply changing their insurer.

“Yet incredibly, just under a third of drivers haven’t switched for more than three years – during this period, the average fully comprehensive car insurance premium has more than doubled.”

Gocompare.com says that a third of customers that believe that their insurance providers will provide the same good deal that they did last year are better off researching the market for a better deal.

The website highlights that the chances of your existing insurer still providing the best value today are slim.

In the last couple of years all insurers have been forced to revise their rates so drivers are being warned to not take anything for granted.

Kelly added: “On the face of it, simply allowing your policy to roll on for another year may look like an attractive and easy option, but it could cost you.”

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