A Sainsbury's Bank study has found that 23 per cent of car owners didn't review their insurance when they purchased their car, resulting in the cumulative overpayment of £428 million.
According to Sainsbury's the difference in insurance premiums between the market average and the most competitive offers is around £55.
According to the research company Consumer Intelligence, Sainsbury’s Bank is consistently one of the top 25 per cent most competitive car insurers.
Between November 2004 and April 2005 motorists switching to Sainsbury’s car insurance
could have saved up to £180.
Between February and July 5.4 million people planned on buying new cars, and Sainsbury's estimates that as many as one million of those people during that period failed to review their insurance.
Joanne Mallon, Sainsbury's car insurance
manager, said: "Motorists should be aware that doing nothing and just sticking with the same provider when changing their car could mean they end up paying over the odds."
Regionally, the results suggest that those in Yorkshire and the South-east were the most savvy at reviewing their insurance when buying a car, while those in the East Midlands were the least likely to bother.To read more about car insurance, click here.
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