IN a recent study that was conducted by MoneySupermarket, one of the largest money comparison websites available online, car owners in the United Kingdom are unfortunately overcharged by a shcoking £1.3 billion per year due to insurers playing tricks when policies come up for annual renewal.
Later on in the report, it calculates that almost nearly six million drivers are currently throwing away thousands and hundreds of pounds by auto-renewing their motor policy than that of shopping around for a further competitive deal. These guys are particular to blame because it means that the insurance companies can infact get away with this ‘almost’ money laundering type proceed.
The unfortunate news is that many motorists have not switched car insurer for five years or more and older drivers are most likely to stay put, with two out of five over-55’s failing to switch due to lack of experience and belief in their getting the best deal.
