Allowing your insurer to auto-renew your car insurance is one of the most common mistakes made by customers who want to save.
Auto-renewal happens when you come to the end of your insurance deal.
Your insurer will automatically renew your contract with them. Sometimes they’ll even charge you more for sticking with them, even if nothing’s changed on your policy.
Although it’s less hassle to let your insurance roll over for another year, you could be missing out on savings with another provider.
It’s entirely legal for insurers to auto-renew your car insurance contract but by law, they must tell you:
This is all to make sure you’re treated fairly, because it’s in your best interests to see if you can get a better deal elsewhere.
In 2018, 4.6m drivers allowed their car insurance to auto-renew. That means the UK missed out on a collective saving of £592m!
Based on independent research by Consumer Intelligence during 01 December to 31 December 2018: 51% of consumers could achieve a saving of up to £247.29 with Gocompare car insurance.
Department for Transport’s ‘Vehicle Licensing Statistics: (April 2018)’ by the end of 2017 there were 37.7m vehicles licenced for use on the roads in Great Britain, 83% of which were cars = 31,291,000. 15% of motorists auto-renewed their car insurance policy at the last renewal without checking prices. 15% of 31,291,000 = 4,693,650. 51% of 4,693,650 =2,393,761. 2,393,761 x 247.29 = £591,953,157 rounded to £592m