Four million motorists being ‘hit in the pocket’ for making common car insurance mistake

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Four million motorists being ‘hit in the pocket’ for making common car insurance mistake

Four million motorists could be paying more than they need to on their car insurance policies in 2024, according to a new analysis.

Go Compare has warned that 10 percent of road users, around four million drivers in the UK, are letting their annual policies auto-renew without shopping around for a better deal.

A new survey from the motoring group found motorists in London were more likely to let their policies carry over with around 16 percent making the mistake.

Data from the poll found the biggest reason people don’t renew is due to the supposed value of their deal.

A staggering 40 percent of respondents said they continued with the agreement because their current insurer was the cheapest last year.

These motorists believe the same firm will offer good value again this year and see no reason to switch.

An eye-watering 49 percent of older drivers aged above 65 said this was the main reason they didn’t change their agreement.

However, shopping around for a better deal can actually save costs with experts urging road users to take a look weeks before their policy expires.

Tom Banks, car insurance spokesperson for Go.Compare said: “With premiums still on the increase, it’s now more important than ever to shop around at renewal.

« Insurance companies will change how they price for certain risks and, just because one insurance company was the right policy or cheapest for you last year, it doesn’t mean it will be the same this year.

“Shopping around at renewal also remains one of the best ways to save on your insurance.

« Simply letting your insurance renew may seem like an easy option, but this could actually end up hitting you in the pocket in the event of making a claim – particularly if you haven’t checked you still have the cover that you need or if there have been any changes from last year.”

Go Compare’s data showed that 23 percent of respondents claimed loyalty to a grand was a major factor in their decision not to shop around.

However, between 15-20 percent blamed online banking as their main reason for not changing.

These motorists said the hassle of having to cancel a monthly direct debit and setting up a new one wasn’t worth it so decided to stay.

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