Motorists 'paying too much for car insurance for young drivers'

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Motorists 'paying too much for car insurance for young drivers'

Mon 23rd Aug 2010

People seeking car insurance for young drivers could be inadvertently paying more than they need to, experts have stated.

According to moneysupermarket.com, nearly nine million motorists automatically renew their car insurance policy with their current provider.

However, head of car insurance Steve Sweeney has stated that by researching the market, drivers could save themselves about £233 a year.

This, he said, is nearly £100 more than the amount motorists could have saved last year.

"It is alarming so many motorists are prepared to waste their hard-earned cash, especially when this money could come in useful elsewhere," Mr Sweeney commented.

Figures from moneysupermarket.com showed that about ten per cent of consumers stick to their existing car insurance policy because they cannot be bothered researching other products.

This comes after Gocompare.com encouraged consumers to shop around for the best deals, as many insurance firms in particular charge higher sums to long-standing customers.

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