Interestingly, over 30% of motorists just let their car insurance policy continue automatically when it comes up for its annual renewal. It is estimated that this is costing those drivers around £2 billion as this is the approximate figure that could be saved according to the price comparison website Gocompare.com.
This information just goes to confirm what we have thought for quite some time. Too many policyholders just accept their renewal quote and don’t bother to shop around or challenge it for that matter.
There are no doubt a variety of reasons why people just accept the revised renewal quote. Perhaps, it is because they don’t feel able to commit the time to shop around or assume that, if they got what they thought was the best deal last year when they did do some research, that they would still be getting a great deal on their car insurance.
As far as making time is concerned, it only takes a few minutes to go on the Internet, type something like “cheap car insurance” into the browser’s search box to then have a number of price comparison websites appear on the screen and then get some new quotes. This could be time well spent as any saving has got to be welcomed.
It is not as though it is difficult to switch insurance companies. If you find a cheaper car insurance provider elsewhere, you will just have to make sure that cover with the new insurance company starts immediately after the existing cover finishes and that you notify your existing insurer that you are moving to a different company and wish to cancel the policy.
On that later point, it may be worth telling your existing car insurer that you can obtain a better deal elsewhere than what they are offering at renewal just in case they are prepared to match or even better the quote from their competitor. How does that phrase go? : “If you don’t ask, you don’t get!”
Remember, you, as the customer, are likely to be in the driving seat so, feel free to shop around.