Motorists are currently paying up to £3.6bn a year each too much for their car insurance – equating to about £120 per motorist, according to Egg.
Egg said this was due to inertia with millions of motorists not shopping around for the cheapest deal.
According to Egg's research, motorists claim that they saw their premiums increase by on average 6% the last time they bought cover - with 1.28 million claiming their premiums rose by 15% or more. Despite this, around 5.95 million motorists – or 20% - accepted their renewal quote the last time they purchased cover and a further 3.4 million (11%) only got one further quote.
