Almost two thirds of British drivers (63 per cent) haven’t switched insurer in the last 12 months despite record high car insurance premiums, according to research from leading comparison site Gocompare.com.

Worryingly, 31 per cent of drivers haven’t switched for more than three years.

In that time, the average fully comprehensive car insurance premium has more than doubled.

The figures show that it isn’t just car insurance where households are potentially missing out on savings.
The switching figures for home insurance and energy are even worse with 80 per cent of households sticking with their gas or electricity supplier and 72 per cent saying they haven’t switched home insurer in the last 12 months.

Over a quarter (26 per cent) of Brits admit they have never switched any of the top 20 personal finance products, with bank accounts topping the least-switched list:

Bank accounts (41 per cent of people have never switched)
Broadband provider (29 per cent)
Savings accounts (23 per cent)
Credit cards (20 per cent)
Energy provider (16 per cent)
Home insurance (12 per cent)

John Miles, business development director at Gocompare.com, commented,
“There has been a cooling off in terms of car insurance premium increases in recent months but they remain at record high levels.

BMW Boot

If drivers haven’t switched for a couple of years they could well be paying too much and may be able to find the same cover at a much cheaper price by shopping around.

“Making comparisons for everyday financial products can save you a packet. Using Gocompare.com customers could save up to £395.19 by simply changing their motor insurance policy.

“There are still opportunities for real savings to be made – but, as our survey demonstrates, a large number of people haven’t switched despite the obvious benefits.
In particular, for many drivers, car insurance premiums remain close to record high levels. Average premiums have more than doubled in the last three years, so motorists can make some significant savings by checking deals on comparison sites.

“Our advice is simple – never just accept your insurance renewal quote without checking that the new premium is competitive, and take time at least once a year to check that you are not paying over the odds for your other household bills.

“Comparison sites like Gocompare.com provide fast and up-to-date information on what’s available, helping people access not just a cheaper deal, but enabling them to more easily compare products to find the best value for money.”