Go.Compare car insurance has discovered that around more than 2.1million drivers, have not switched car insurance in the past decade or more.
The findings, which asked drivers how often they have switched insurers, also discovered that the older generation are less likely to switch, with 12% of those aged 65 or more admitting that they have been with the same car insurer for more than 10 years.
The survey also asked why those who auto renewed without shopping around chose to stick with their current insurer – and found that a quarter (26%) claimed that it was due to loyalty – and that their insurer has always looked after them. For those aged 65 and over, nearly half (47%) said loyalty was the reason they stuck with their insurer.
Nearly one in five drivers auto renewed their car insurance (19%) said that switching was a hassle or difficult to do and so they stuck with the same provider, with those aged 35 to 44 the age group most likely (27%) to say this was their reason for renewing.
Ryan Fulthorpe, car insurance expert at Go.Compare said, “It is startling to think that despite insurance comparison website being around for more than 20 years, people still aren’t using these websites to compare both cover and price on their car insurance policies.
“Those 2.8million people could be losing out not only on financial savings, but also on improvements to their insurance cover.”
Ryan added, “It only takes a few minutes to fill in an online form and compare over 100 insurance policies, all of which will offer varying cover levels allowing you to pick and choose what you want and need, and at a price you can afford.
“Although the General Insurance Pricing Practices (GIPP) brought in by the Financial Conduct Authority last year are now in place, they only protect the price that a driver would have from the same provider, by ensuring that a renewal price is the same price that a new customer with the same risks would receive.
“By not shopping around drivers aren’t allowing other insurers to assess their risks and offer an insurance policy.”