Car insurance loyalty costs drivers £58 a year

Car insurance loyalty costs drivers £58 a year
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Car insurance loyalty costs drivers £58 a year

23 August 2010 / by Rachael Stiles

Motorists could save money on premiums by shopping around for a better deal instead of sticking with their existing car insurance provider, according to research from Which?

The consumer watchdog has found that 60 per cent of drivers who shopped around to compare car insurance quotes after receiving their renewal quote found a better deal and saved an average of £58.

Almost a third of the drivers surveyed admitted to accepting their current provider’s car insurance renewal quote because they simply could not be bothered to shop around in search of a better deal, the research shows.

Which? advises against choosing a car insurance policy based purely on the cost, because cover can vary, so it urges consumers to consider other features which might be included, such as personal injury cover, legal expenses, or a replacement vehicle in the instance that theirs is damaged in an accident. 

But, its study suggests that there is money to be saved in shopping around for the policy which offers the right cover at the right price.

Commenting on the findings of the report, Peter Vicary-Smith, chief executive of Which? said: “Renewing your car insurance with your existing provider may be convenient, but our experts have found that this is one area where loyalty doesn’t pay.

“Always shop around for the best deal and if you do want to stay with your existing insurer, never accept their initial quote. If you can find a better quote elsewhere, they’ll often match it.”

© Fair Investment Company Ltd

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Written by Editorial Team