Perfect storm - Market changes create ideal conditions for shopping around yet only 27% of people switched their car insurer in the last 12 months.
Gocompare.com's head of motor, Scott Kelly, comments on the latest AA Premium Index which reveals a record drop in car premiums over the last 12 months
"There are major changes taking place in the car insurance market at the moment with the switch to gender-neutral pricing and the changes in the law affecting claims firms. Each insurer is having to interpret this changing market and create a whole new rate-book for each different type of driver.
"As a result, against the backdrop of falling premiums, there is also be a good deal of variation in the way insurers are calculating premiums, creating ideal conditions for those that shop around.
"There is nothing worse than the feeling that you've just paid out a large sum of money needlessly. Anyone simply rolling over their car insurance for another year and not shopping around for a better deal is potentially in that situation, as insurers begin climbing down from the record high premiums we saw 18 months ago.
"It is the equivalent of sitting back on your sun lounger on holiday only to find that the guy next to you paid £250 less than you for the same holiday!
"Recent research by Gocompare.com found that just 27% of people switched car insurer in the last 12 months and 24% have not switched in the last three years. Those people could now be missing out on big savings as premiums have fallen for six successive quarters."
According to the latest figures, customers using Gocompare.com could save up to £247.07** on their car insurance.
Notes to editors:
* On 12th - 13th June 2013, Vision Critical conducted an online survey among 2,002 randomly selected British adults who are Springboard UK panellists. The margin of error-which measures sampling variability-is +/- 2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of United Kingdom. Discrepancies in or between totals are due to rounding.
** Based on independent research by Consumer Intelligence during 01 April 2013 to 30 April 2013. 51% of consumers could achieve this saving with Gocompare.com car insurance.