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.