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Motorists could save hundreds by shopping around for insurance

Lucinda Beeman
Written By:
Lucinda Beeman
Posted:
Updated:
12/05/2014

Shopping around for car insurance rather than auto-renewing could save British drivers hundreds of pounds a year, according to MoneySuperMarket.

The comparison site found that UK motorists spend almost £2bn a year more than they need to by allowing their car insurance policy to automatically renew rather than look for a new one.

Individual drivers could be saving £220 a year, MoneySuperMarket found.

Kevin Pratt, car insurance expert at MoneySuperMarket, said: “No matter where you live or what age you are, it’s crucial to shop around at renewal time. Searching for a better deal doesn’t cost you anything and there is a whole lot to gain.”

MoneySuperMarket’s research found that 8.6 million drivers automatically renew their car insurance with their existing provider. Of these, 13 per cent don’t think they could save money by shopping around and seven per cent can’t be bothered.

Only four per cent automatically renew to ensure that they’re compliant with legislation on Continuous Insurance Enforcement.

One in five motorists have only looked for a better deal once, as they didn’t think they could make another saving the following year.

Pratt continued: “Even if your renewal is less than last year’s price, in a market where the cost of insurance is falling there should be even cheaper deals to be had. It’s really worth checking if there is a better policy out there to suit your individual needs.”