The new Car Insurance Index from Sainsbury's Bank reveals that shopping around could save motorists up to £180 each.
Tracking market premiums on a monthly basis, the Index highlights the huge difference in premiums charged by insurers in order to encourage more motorists to shop around.
Initial findings from the Index reveal that the market average car insurance premium was £458.92, whilst the difference between the 25 per cent most expensive car insurers and the 25 per cent most competitive was £108.55.
That means that if motorists were to switch to the most competitive 25 per cent of insurers, they could save a collective £1.17 billion in premiums every year.
"The car insurance
industry is very competitive, which is good news for motorists as they can save a lot of money by shopping around," said Joanne Mallon, car insurance manager at Sainsbury's Bank.
"Sadly, despite this, one in five motorists obtain only one quote when they buy car insurance."
The Index also reveals that the average female motorist pays £91.54 less for her car insurance than her male counterpart, whilst young drivers aged 25 and under pay more than twice as much as those aged over 65 (£917.59 as opposed to £428.63).To find out more about car insurance, click here.
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