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Automatic car insurance renewals could be losing you money

Automatic car insurance renewals could be losing you money

Automatic car insurance renewals could be costing you money, new research has suggested. A survey by car insurance price comparison website has found that 9 million drivers would benefit from shopping around for car insurance as opposed to allowing their insurance to renew automatically. Many drivers stay with their insurance company year after year as they believe their loyalty will be rewarded with a competitive rate on insurance. However very few drivers, in fact just 45% actually check their quote from the previous year’s cover before agreeing to a new premium from the same insurance company. 26% of UK drivers revealed that they stuck with their car insurance provider as they believed that they would still offer the cheapest rate for them the following year, but this isn’t always the case. Many drivers stay with their usual insurance providers out of convenience, and many insurers rely on this in order to maintain healthy customer retention rates. Research has shown that 39% of drivers have been with their insurer for the last 3 years, while 5% have stayed with the same company for 10 years or more. However, in many instances, they’d be better off financially if they shopped around each year in order to get the most competitive rate on car insurance for their money. To get the best deal on car insurance, shop around with the use of a price comparison website.

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