Most of the people in UK are thinking over renewing their car insurance policies and the reason behind this is that new 10 registration plates for car are going to be out for the customers in the next week. The customers are about to waste a lot of money to the car insurance provider if they are not planning to switch car insurance company and wish to remain with the one they are. The amount of money wasted would be around £180 per person or collectively £1.3 billion. This survey has been done by the website named moneysupermarket.com.
According to the research almost 22%, people renew their car insurance policies with the providers they are already with and they do not prefer to look around and shop for the insurance policies. This stops them from finding better deals in the car insurance supermarket and getting discounts. Out of the people, who renew their car insurance polices with the existing companies are of the belief that they will not be able to find better car insurance policies that are better and thus they renew the policies with the existing company. 2.7% people are not concerned about saving money and thus they renew the car insurance policy with the same provider and thus fail to save any amount.
People who live in London and in the northeastern parts are the worst culprits, as they are not shopping in the supermarkets and comparison sites to find suitable car insurance policies. According to the research, the people who take these car insurance policies stay with the same companies for around three years. People who are aged stick to the companies more than the young men. They think that they will be paid for the loyalty but this is not true in every case.
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