A total of £1.9bn is being wasted by drivers in the UK who automatically renew their car insurance without shopping around for the best deal.
A study found 2.4 million UK drivers don't bother to compare quotes to get the best deal when their car insurance comes up for renewal. The research by Moneysupermarket.com found 8.6 million drivers in Britain could be better off by up to £220 a year each if they moved to a new insurer.
Many drivers prefer to stay loyal to one insurer and over-55s are most likely to remain with the same insurer for more than two years. The study found women are more likely to shop around than men and drivers in London tend to automatically renew their insurance without looking for a better deal. East Midlands drivers shop around the most.
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