Seven million British motorists are burning £2bn simply by staying loyal to their car insurer, while 11% don’t think they could save money and further 2m or six per cent drivers simply cannot be bothered to shop around and switch.

According to MoneySupermarket.com, drivers remain faithful to their existing provider for 2.7 years, with over 55s being the most loyal group with 3.5 years.

Pete Harrison, car insurance expert at MoneySupermarket, said: “At a time when it’s pretty tough out there for motorists, it’s a shame to see so many drivers surrender so easily to their insurance provider’s renewal quote instead of taking action and saving cash.

“Motorists don’t even need to ‘drive’ a hard bargain; on average there’s £300 cash up for grabs to those who don’t just accept the renewal price generated by their car insurance provider.

“No matter where you live or how old you are, it’s vital to do your homework at renewal time, as searching for a better deal doesn’t cost you anything and there is much to gain. It takes about five minutes to check if there is a cheaper policy out there to suit your individual needs.”