Failing to shop around for car insurance deals is costing UK drivers an estimated £3bn a year, revealed research from car insurance search engine Confused.com.
It said the research conducted by NOP found that 60% of UK drivers do not shop around when renewing their car insurance.
Only 44% of men and 37% of women said they looked to find a better deal once the renewal on their car insurance came up.
Confused.com managing director Kate Armstrong said: “On average, failure to shop around costs 'loyal drivers' £156 in extra premiums a year. With borrowing levels currently standing at over £52bn, people need to do all they can to reduce unnecessary outgoings.”
She added: “For those drivers that doggedly stick with their current insurer, the message is clear; loyalty simply doesn't pay.”
The research also revealed that the average driver spends 35 hours looking for car insurance.
Confused.com said its online technology allowed it to search 98% of the online insurance market when looking for the cheapest quotes.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
