Gocompare.com: Insurance renewal trap awaits motorists

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Gocompare.com: Insurance renewal trap awaits motorists

Gocompare.com has warned car insurance customers that they could be losing out by a total of £1 billion this year.

With renewals just around the corner, almost one in five car insurance customers could end up losing out by not comparing the quote with those offered by competitors.

According to Gocompare.com's study, 69 per cent of drivers believe car insurance firms give better quotes to new customers - yet 27 per cent do not consider switching as their provider was cheapest last year.

"The idea that one insurer will remain the most competitive from one year to the next or that customers will be rewarded for their loyalty couldn't be further from the truth," warned Gocompare.com's chief executive Hayley Parsons.

Meanwhile another car insurance provider, the AA, has released preliminary data which shows that quotes will not fluctuate much next month - but will accelerate upwards after.

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