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Car insurance policy holders miss out on £3.1bn savings
  
1st March 2012
0 comments 0 comments | 587 views 587 views
  

Consumers are missing out on collective savings of around £3.1 billion because they automatically renew their car insurance policy with their present insurer, according to research conducted by Vision Critical

Rather than shopping around for the deal that best suits them, 27 per cent of people renewed their insurance with their current provider.

Thirty-three per cent thought that because their deal was cheapest in the previous year it would remain so when they renewed.

Another 31 per cent are simply loyal to their insurer.

Of the 71 per cent that did not automatically renew, 60 per cent did so to obtain cheaper premiums.

Part of the problem, however, is that insurers do not make it entirely clear how much consumers' premiums increase.

Ninety-six per cent of respondents to the survey said they'd like greater clarity on the cost of their premiums, and a further 90 per cent want renewal packages that are easier to understand.

Consumers can make vast savings from shopping around for the best car insurance deals, so it would be certainly worth the time spent comparing available deals when your car insurance is up for renewal.ADNFCR-1789-ID-801306109-ADNFCR

This article is intended as generic information only and is not intended to apply to anybody’s specific circumstances, demands or needs. The views expressed are not intended to provide any financial service or to give any recommendation or advice. Products and services are only mentioned for illustrative rather than promotional purposes.


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