The £1.4bn lost savings of the nations’ safe drivers

Over 11 million safe drivers are missing out on saving hundreds of pounds each by failing to shop around for insurance at renewal time, according to new research by Privilege Insurance.

Despite three quarters of British drivers having earned four+ years no claims discount, only around half (55 per cent) actually shop around for their insurance to ensure they are being fully rewarded for their safe-driving record every time the renewal notice drops through the door. 

And with an average saving of £127.52 made by those motorists with four+ years no claims discount at their last renewal, those that don’t shop around run the risk of missing out on a combined total of £1.4bn in savings compared to those who do research their insurance premiums.

Casting a doubt on their reputation as a frugal nation, it’s the Scots who are missing out the most with over half (52 per cent) not shopping around every time they receive a renewal notice.  Meanwhile, drivers in the North West are the most likely to make the most of their safe driving with almost two thirds (62 per cent) researching the best deal every year.
The message to the one in twenty (four per cent) safe motorists who have never used their four years of safe driving to save them money is clear, according to Ian Parker, Managing Director of Privilege Insurance:
“In an age where financial literacy is increasing, it is worrying to find that so many motorists have never used their four+ years no claims discount – which they’ve earned by driving safely – to ensure they get the best deal in an increasingly competitive market.

“Drivers with even one years no claims discount can save money by shopping around, but for those with four+ years no claims the savings can be impressive.  Our research details the potential financial cost of failing to shop around to get the best quote. 

“Because we specialise in insuring drivers with four+ years no claims discount, we are confident that we can offer safe drivers the best deal – so confident, in fact, that we guarantee to beat their renewal quote from any other insurer.”

This news story applies to England, Scotland and Wales only.

The research was conducted between 10th and 17th February 2006. YouGov interviewed a sample of 2010 18+ adults in Great Britain. The survey was carried out online. Results were weighted to be representative of the known profile of the British adult population from the 2001 Census. YouGov is a member of the British Polling Council.