Young drivers in the UK have been urged to compare
car insurance deals or risk paying over the odds, an expert has claimed.
Recent research carried out by moneysupermarket.com indicated that around nine million policy holders stay with their original insurer, rather than checking rates offered by other companies.
However, increased competition in the market means young motorists could be significantly out of pocket by doing so.
According to head of
car insurance Steve Sweeney, drivers in this age group could save around £233 a year by conducting some simple research.
Furthermore, this figure has risen by around £100 when compared to last year, as
car insurance providers compete for custom.
Mr Sweeney advised potential customers to consider all the deals available to them, rather than just sticking with one provider because it is the easiest option.
"It is alarming so many motorists are prepared to waste their hard-earned cash, especially when this money could come in useful elsewhere," he said.
A study from Sainsbury’s Finance recently revealed that the average annual cost of
car insurance was £612.84 in July.
