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Womens Car Insurance Article |
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Motorists miss out on £3.6 million on insurance
Motorists in the UK are wasting an estimated £3.6 billion pounds a year through failing to shop around for car cover.
This equates to £120, per person, per year.
The news follows the release of new figures from online bank Egg that show that one in five motorists simply accept the renewal quote offered to them by their current insurer Ð with specific groups such as women or the elderly able to secure cheaper rates simply by shopping around.
Women's car insurance, for example, is often cheaper than the rates offered to their male counterparts.
"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," said Andy Deller, director of banking and insurance at Egg
"Some insurers prey upon this apathy by hiking their premiums in the knowledge that many drivers will not bother switching to another provider," he added.
Egg's figures show that motorists saw their premiums rise by an average of six per cent a year, while 1.28 million motorists saw their premium rise 15 per cent or more.
However around 5.95 million motorists - representing 20 per cent of those on the roads - accepted their renewal quote without shopping around, with 3.4 million more (11 per cent) only looking at one other quote.
© DeHavilland Information Services plc, 1998-2003
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