Gocompare study reveals huge cost of car insurance renewals

Gocompare | August 28, 2019

Motorists across the UK are overpaying for their auto coverage by allowing their insurer to automatically renew their policy, according to a study by GoCompare. The study found that, at their last renewal, 44% of drivers allowed their insurance to automatically roll-over – with 13% doing so without checking to see if they could get a better deal. This has led to millions of policyholders overpaying for their coverage to the tune of £982 million a year – with each individual policyholder missing out on up to £239.69 in potential savings. According to the study, 22% of motorists surveyed have allowed their insurer to renew their policies automatically on the assumption that, since their insurer offered the cheapest premium the previous year, they would continue to offer good value this time around. Twenty-one per cent (21%) said that switching is too much hassle, while 19% cited loyalty to their insurer as reason for automatic renewals.

Spotlight

There's a lot of questions revolving around business interruption, slowdowns and shutdowns of business due to the Covid-19 or Corona Virus. We dive into those issues in this video. Gordon Coyle is the CEO and Senior Risk Architect of The Coyle Group, a New York based insurance brokerage and risk consulting firm, focused exclusively on the business insurance market.

Spotlight

There's a lot of questions revolving around business interruption, slowdowns and shutdowns of business due to the Covid-19 or Corona Virus. We dive into those issues in this video. Gordon Coyle is the CEO and Senior Risk Architect of The Coyle Group, a New York based insurance brokerage and risk consulting firm, focused exclusively on the business insurance market.

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