1 in 2 Motorists Lose Money By Allowing Car Insurance To Auto-Renew
Half of the nation’s motorists are needlessly losing money by allowing their car insurance policies to auto-renew…
Losing Money on Car Insurance
Loyalty to their car insurance providers, conscious or otherwise, is costing British motorists millions every year. Back in 2021, it cost the nation’s motorists a collective £830 million. This is largely a product of drivers refusing to shop around, with 52% instead allowing their car insurance policies to automatic renew. On average, this cost some 17 million drivers £49.
According to a survey of 2,000 motorists, conducted by MoneySupermarket, 52% of respondents admitted to not shopping around when their policy is up for renewal. This represents a significant rise on the 41% who auto-renewed back in 2020. However, around 25% of respondents said they did get other quotes and chose to stay with their current provider.
The survey revealed that 14% of respondents felt that shopping around was too much effort. One in five of them (19%) said that potential savings weren’t worth it. Notably, 48% said that their provider hadn’t given them a comparison of their latest quote with a previous one; something that’s now a legal requirement following FCA rule changes.
Making a Saving
Sara Newell, car insurance expert at MoneySuperMarket, has emphasised that shopping around is the best way to get a lower car insurance premium. She said, “while we have seen the introduction of the FCA’s new rules on price walking – which are intended to level the playing field for consumers – it’s important that drivers don’t rely on such measures to reduce their premiums”.
She added, “we’ll monitor the impact of the FCA’s new measures over the coming months, but the fact remains that shopping around is always going to be the most effective way of keeping your costs down.”
Here’s Ten Ways You Can Slash Your Fuel Costs – https://autoserveclub.co.uk/blog/heres-ten-ways-you-can-slash-your-fuel-costs/
Number Of Elderly Drivers Reaches New Record – https://autoserve.co.uk/motoring-news/number-of-elderly-drivers-reaches-new-record/
