A research conducted by TescoCompare.com, the car insurance internet price comparison arm of the Tesco Personal Finance, has revealed that only one third of the UK's car owners stated that they have switched their car insurance provider in the last 12 months.

The survey has also ported that despite annual renewals for car insurance policies, a 43% of respondents said they have stayed with their current provider for three years or longer, while 7% of these claim they have never changed their car insurance provider.

For 71% of people who have switched their car insurance within the last 12 months, price is the key factor when choosing their insurance provider. While motorists who have been loyal to their insurance provider for over three years don’t rate price as highly. Instead, only 56% of people who last switched their car insurer three to four years ago named price as the most important factor.

Peter Dingle, managing director at Tesco Compare.com, said: Our research shows that there are a great proportion of motorists out there who aren’t searching for the best deal for their car insurance and who are instead staying with their current car insurance provider. It seems that these people are the ones valuing policy features and the level of cover provided above the cheapest policy available.