A new survey from Go.Compare car insurance has found that of the majority (56%) of Brit drivers who allow their car insurance to auto renew, one third (19%) do so without checking other quotes.
The research asked over 1400 insured drivers about their attitudes to motor insurance renewals and found that younger drivers (aged 18-54 22%) were more likely to auto renew without doing any marketplace comparisons than their older counterparts (aged 55+ 14%).
When asked why they let their car insurance auto renew, one quarter (26%) said it was out of loyalty to their current insurer, while an equal number (25%) believed that because their insurer was the cheapest last year it would be the case again this year.
Nearly one in six (16%) drivers said that auto renewing simply gave them peace of mind that they remained insured.
Sorting out finances was also cited as a reason among many auto renewed drivers, with many (15%) saying they didn’t want the hassle of changing monthly direct debits and still others (9%) who were worried that they might lose their no claims bonus if they switched insurer.
When it came to how much notice they took of their renewal letter or email, a minority (46%) admitted to checking last year’s premium to see how it had changed, and even fewer (35%) reviewed the renewal documents for any changes to the coverage provided.
Ryan Fulthorpe, car insurance expert at Go.Compare said: “I am always shocked when I read our survey results that people still aren’t taking advantage of comparison websites and the possible financial savings they could gain, as well as the potential for better insurance cover, from just a few minutes online.
“The Financial Conduct Authority implemented the General Insurance Pricing Practices (GIPP) in 2022, meaning that insurers can’t offer better deals to new customers and that renewal prices should be the same as a driver with the same risk profile, but that’s only with the same insurance company.”
“Therefore, it’s even more important that drivers shop around with other insurers to check they are getting a good deal on cost and cover,” Ryan added.
For further tips and advice on how to get cheaper car insurance, visit: https://www.gocompare.
Helpful Resource Depending On Your Requirements