Failing to shop around for the best deal on motor insurance is costing UK drivers over GBP100 on average, according to two separate reports.
Research from Privilege Insurance suggests that motorists with four years’ no-claims are on average throwing away GBP125 by not securing the best possible deal. The London Evening Standard newspaper cites the car insurance provider as saying that 11 million vehicle owners fall into the four years no-claim category, which is considered to be the ‘average’ UK motorist, and that they are collectively wasting GBP1.4 billion.
According to Privilege’s report only 55% of drivers with four years no-claims shop around for coverage. Just 48% of Scottish drivers look for the best deals around, making them the least likely group in the UK to shop around, while, at the opposite end of the spectrum, 62% of drivers in the northwest of England are prepared to weigh up the competition.
Meanwhile, Swiftcover says automatically renewing car insurance before a quick check around could cost drivers as much as GBP100, according to a report in the Daily Telegraph newspaper.