Failing to shop around for car insurance deals is costing UK drivers an estimated £3bn a year, revealed research from car insurance search engine Confused.com.
It said the research conducted by NOP found that 60% of UK drivers do not shop around when renewing their car insurance.
Only 44% of men and 37% of women said they looked to find a better deal once the renewal on their car insurance came up.
Confused.com managing director Kate Armstrong said: “On average, failure to shop around costs 'loyal drivers' £156 in extra premiums a year. With borrowing levels currently standing at over £52bn, people need to do all they can to reduce unnecessary outgoings.”
She added: “For those drivers that doggedly stick with their current insurer, the message is clear; loyalty simply doesn't pay.”
The research also revealed that the average driver spends 35 hours looking for car insurance.
Confused.com said its online technology allowed it to search 98% of the online insurance market when looking for the cheapest quotes.
