Desperate drivers seek cheaper car insurance
They could be in for a nice surprise though - looking for a cheaper quote rather than sticking with their current insurer could save drivers £348, on average, according to price comparison site MoneySupermarket.com.
Apparently, an average saving of just £54.33 would be enough to entice most motorists to switch providers. However, one in four automatically renew car insurance with their existing provider rather than shop around, and they would only be tempted to switch for a saving of at least £78.
Shopping around at renewal time, rather than sticking with your existing provider can provide savings far in excess of this figure - on average £348.
When looking regionally, drivers in the South West are looking for a saving of £43.04, compared to Londoners who say they would need to make a saving of £71.88 to make them switch their car insurance policy. The research also found differences between different age groups; those over 55 would want to make a saving of £50.33 in order to make the switch worthwhile, while those aged between 18 and 34 were on the hunt for savings to the tune of £61.77.
Pete Harrison, car insurance expert at MoneySupermarket.com said: "British motorists are really feeling the financial strain and are desperately looking for ways to cut costs, so it's unsurprising our research has found one in five drivers are only looking for savings of £25 on their car insurance premiums to justify the move to a better value premium. Those drivers who are unconvinced of the merits of shopping around, and automatically renew their car insurance, could achieve above and beyond their desired saving by taking the time to scour the market."
The research also reveals motorists' main motivations for switching car insurance providers. Unsurprisingly, price takes the top spot; over two thirds of drivers would switch car insurance providers if they found a cheaper policy with the same level of cover or better. A further 7% would switch for added incentives such as a cash back offer, free breakdown cover or a gift voucher. Improved customer service was not seen as a priority, with 2% of drivers stating this would be a reason to change providers.
Harrison added: "With motoring costs continuing to rise, and the price of car insurance making up a high percentage of that cost, it makes sense that getting a cheaper deal is the main motivation for drivers to switch their car insurance. Drivers can help to mitigate these costs by getting online and comparing policies to see what prices are on offer, It only takes a few minutes, so consumers should do their research to find the best deal for their situation and make the switch to start saving."