A significant proportion of the parents paying out hundreds of pounds every year towards car insurance for their children could be paying over the odds, Sainsbury's Bank is warning.
According to research conducted by the bank, more than 1.78 million parents pay car insurance
premiums on behalf of their children, but one quarter only obtain one quote.
As those Mums and Dads who do fork out on their children's car insurance contribute an average of around £574.94 per year - a collective £1.02 billion - it really could be worth their while shopping around for the best deal, Sainsbury's Bank advises.
"With some parents deciding to pay the premiums for their children's own insurance policies as well as their own, they could find insuring all the family's cars an expensive exercise," said Joanne Mallon, car insurance manager at Sainsbury's Bank.
"Despite this, many don't shop around to make sure that they are paying fair and competitive premiums."
Research company Consumer Intelligence found that Sainsbury's Bank is one of the top ten most competitive car insurers - and could save motorists up to £166 compared with other leading insurers. Click here to find out more about car insurance.
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