Drivers in Britain are overpaying on their motor insurance by £2 billion
After a number of years of rapidly climbing motor insurance prices, premiums are showing some signs of plateauing. However, Compare the Market estimates that consumers are still overpaying potentially by more than £2 billion a year through automatically renewing their policies.
62% of drivers – equating to approximately 19 million people across the UK – do not switch provider. With the average saving for switching standing at £113.09, consumers are missing out on £2.2 billion of potential savings. The average saving for motorists varies by age group, with young drivers able to save the most money – an average of £326 a year.