Car insurance news
Drivers not taking advantage of cheap car insurance deals
The average driver with four years of no claims discount could save more than £125 a year by shopping around for their car insurance, new research has revealed.
An investigation by motor insurance firm Privilege shows that an estimated 11 million drivers who have not made a claim for at least four years are collectively wasting £1.4 billion every year by failing to shop around for the most competitive cheap car insurance deal on the market.
Privilege claim that, despite almost three quarters of UK drivers having a no claims discount of four years or more, only 55% shop around to find the cheapest quote when they renew their cover.
The results of the research showed that people in the North West of England are most likely to take full advantage of their no claims discount, with 62% admitting they search the market in order to get a cheap car insurance deal when their policy comes up for renewal. In contrast, 52% of Scots simply renew their policy without even trying to find a cheaper price, thus making them the biggest motor insurance money wasters in the UK.
A Priviege Car Insurance spokesman said, "Drivers with even one year's no claims discount can save money by shopping around, but for those with four year's no claims the savings can be impressive.
"Our research details the potential financial cost of failing to shop around to get the best quote."