Brits Stay With Car Insurance Provider Despite Potential Savings Elsewhere


Moneysupermarket.com recently revealed that more than seven million drivers in the UK stay with their existing auto insurance provider when coverage renews. According to its research, one in ten British policyholders do not think another provider could give them a better deal. Each year, 2.6 million UK drivers automatically stay with their carrier without checking to see if savings are available elsewhere.

According to a report issued by Moneysupermarket.com, drivers can reduce car insurance expenses by an average of £333 if they change policies. As more consumers use car loans to finance their vehicle purchases and prices rise at the pump, one would think they would take advantage of this savings. Instead, some are seemingly too lazy or nonchalant to do it.

Pete Harrison from Moneysupermarket.com expressed his surprise that consumers facing budgetary restrictions are not taking steps to save money by locating the best car insurance deals. The cost of living is not expected to decline and some drivers are paying high interest rates on car loans because they only qualify for bad credit car finance. Therefore, reducing auto insurance premiums should be a priority.

Sainsbury’s Finance found that during the last 12 months, the number of drivers using their mobile phones while driving has declined. It is expected that this will result in fewer auto accidents, which should translate to a reduction in auto insurance premiums in the near future. Any additional ways to save money, such as by switching carriers, will only help the situation.

When the auto insurance renewal arrives, drivers should get online and make some phone calls before they get out their checkbooks. They may be able to save hundreds of pounds simply by changing insurance carriers. The extra cash will come in handy at the grocery store and fuel station as prices continue to increase.