Car owners are losing more than£1 billion a year by not shopping around for the most competitive motor insurance policies.
That's according to new research from Bradford & Bingley, which found that over 40 per cent of consumers do not shop around at all and 18 per cent just ring round a couple of insurers for quotes. As a result, around £1.3 billion is simply squandered each year.
The research marks the launch of Bradford & Bingley's new motor insurance broking service, which hunts for the best deal for the customers.
The group general insurance director for Bradford & Bingley, Nigel Asplin said: "It's surprising that car owners could be wasting as much as £1.3 billion a year by not shopping around for the best deal."
He added: "It appears that many people think it easier and less time-consuming to renew with their existing insurer, rather than check out the market.
"However, apathy and misconceptions could be costing them individually over a hundred pounds a year."
The new service means that a single phone call gives customers access to a panel that can quickly find the most competitive deal, without the customer undergoing the hassle and legwork of having to shop around themselves.
Mr Asplin concluded: "We actively manage the different insurers on our panel to ensure we're always able to offer competitive prices.
"We also automatically review the competitiveness of a client's policy at renewal, to ensure that we continue to provide excellent value for money to our policyholders year after year."
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