Car Drivers Paying Too Much for Insurance?
Online bank Egg calculates that £3.6bn too much is paid annually for car insurance, equating to £120 per driver
13th October 2004
According to research conducted by online bank Egg, 20% of motorists accept renewal of their car insurance policy without shopping around for a better deal. With an average premium hike of 6% a year, Egg calculates that drivers' 'apathy' is costing them around £120 each per year, adding up to a whopping £3.6bn.
Andy Deller, Director of Banking and Insurance at Egg, commented:
"Every year, millions of motorists end up paying over the odds for their car insurance because they do not get around to shopping around for competitive cover. Some insurers prey upon this apathy by hiking their premiums in the knowledge that many drivers will not bother switching to another provider."
Read More: Egg Press Release
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