Go compare with our comparison table

Car insurance loyalists wasting £9.4billion a year

01 September 2009 / by Andy Davies

Motorists who remain loyal to their car insurance provider could be wasting up to £9.4billion a year by not shopping around for a better deal.

Research by moneysupermarket.com has found that more than six million drivers in the UK automatically opt to renew with their existing insurer and are consequently missing out on an individual saving of around £141 a year.

The price comparison site found that of the 20 per cent of drivers who automatically renew their car insurance policies, 12 per cent said they did not shop around for a better deal because they did not think they would find one, while a further eight per cent said they could not be bothered to shop around.

Steve Sweeney, head of motor insurance at moneysupermarket.com, is concerned by these findings; he said: "In this current climate, it is shocking to see the sheer scale of drivers who won't spend a few minutes to see if they can save money when renewing their car insurance.

"Our research has found drivers could save themselves £141 on average by scouring the market - money which could come in useful elsewhere. It is alarming that so many motorists are prepared to waste their hard earned cash."

On average, drivers stick with the same provider for nearly three years, with motorists over 70 being the most loyal, remaining with the same provider for almost four years.

Steve Sweeney also warned drivers that renewal prices can include large premiums: "Providers count on your apathy to reap the profits. While they may lure you in with a competitive deal or special discount on year one of your policy, not ordinarily available to existing policy holders, you can be sure your renewal price will include a hefty premium - hardly the thanks you were expecting for your loyalty."

Urging drivers to shop around for the best deals, he added: "Even if you think your quote can't be beaten, it only takes a few minutes to make sure you really do have the best value policy to suit your needs.

"In addition, if you have not made a claim in the past twelve months, you should normally expect to be paying less than you did the previous year."

Compare car insurance deals»

© Fair Investment Company Ltd

ProviderSpecial OffersGet Quotes

5 Star car insurance from £185 – That’s all 10% paid for our standard cover* .
You could save up to 20% online - 36% of customers are expected to receive the maximum saving**

Get Quotes >
Save up to £1072 on Car Insurance.

10% of consumers could achieve this saving. Based on Online independent research by Consumer Intelligence during 1st November 2017 to 30th November 2017. Underwritten by U K Insurance Limited

Get Quotes >

99% of customers would buy again from LV= - Reevoo

Benefits include UK call centres, 24/7 claims helpline, unlimited cover for factory fitted phone, audio and sat nav equipment, replacement child car seats, and European car insurance cover. Tailor the cover to suit you with optional extras, such as Motor Legal Expenses, Guaranteed Hire Car, increased Personal Accident cover and Breakdown cover.

Get Quotes >

Don’t get caught out when you break down. Churchill offers free breakdown service to new Motor customers
First year Breakdown service (roadside only), provided by Green Flag, new policies only. Breakdown chargeable at renewal. Underwritten by U K Insurance Limited. Terms & conditions apply

Get Quotes >

Save 15% Online††
No claims discount up to 75%.

Get Quotes >

Comprehensive cover available from just £152 a year***.
5 Star Rated Comprehensive Cover, you'll benefit from the following as standard: Uninsured driver cover, Vandalism cover, Guaranteed replacement car, Emergency any driver cover, Cover for driving in the European Union for an unlimited period.

Get Quotes >
New customers can get 12 months' breakdown cover for the price of 6 when they buy AA Car Insurance. You also get access to member benefits, including up to 20% off at Moto service areas. Get Quotes >

Get Comprehensive Car Insurance Quotes Online.

Get Quotes >
Free Annual Roadside Assistance and Recovery Breakdown Cover worth £49.
Over 50s save at least £50.
Get Quotes >
With lots more cover now included as standard, AXA car insurance offers you extra reassurance on the road.
If your car’s hit by an uninsured driver, you’ll keep your no claims discount and get back your excess with AXA’s uninsured driver promise* – only with our comprehensive car insurance (*We will return any No Claims Discount and Excess if you are not to blame – you will need to provide the make, model and reg number of the other car. T&Cs apply.)
Get Quotes >
Confused.com compare prices from over 130 motor insurance providers to find you their best dealGet Quotes >
Save up to £230 on your car insurance (51% of consumers could achieve a saving of up to £229.96 with Gocompare.com car insurance based on a comparison of at least 40 companies)Get Quotes >