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Some 24 million Britons could be overpaying for insurance by not shopping around at renewal, according to new research from comparison website Go.Compare.
A survey of over 2,000 people found that three in ten only compare their options when their renewal price is hiked, potentially missing out on even cheaper options elsewhere.
A further 15 per cent said that they never shop around, instead choosing to accept with the renewal price each year.
Shopping around when your car, home and other insurance products are up for renewal can be a quick way to shave money off your monthly bills.
Insurance makes up a significant monthly cost for many – but there are ways to reduce it
Tom Banks, car insurance spokesperson at comparison website Go Compare, said that while it’s tempting to skip the hassle of shopping around, this could lead to you paying hundreds more than necessary.
‘Our advice is always to spend a few minutes comparing the other deals available, as you can often find the same cover for a better price – even if your renewal quote has come down,’ he said.
Insurance companies banking billions from customer inertia
With the Go Compare research revealing that there could be 24 million Britons overpaying for insurance, providers are raking in huge amounts because of customer inertia.
When it comes to car insurance, Go Compare says that customers can save £362 on average by shopping on a comparison site.
This represents over £8billion in potential savings, if those millions of people were to use a price comparison website at renewal instead.
> Read more: How to get cheaper car insurance
The cost of car insurance remains a ‘challenge’
Figures from the trade group the Association of British Insurers (ABI) reveal that the average annual cost of car insurance sat at £564 in 2025, which is £58 lower than 2024.
Even though this is trending downward, Chris Bose, director of insurance policy at the ABI, said that the cost of car insurance remains ‘a challenge’ for many households.
Data from the ABI on home insurance reveals similar, small trends downward on average price – but the premiums remain costly. The average price of combined building and contents home insurance in the last quarter of 2025 was £379.
In our view, shopping around and comparing quotes from multiple providers is one of the most effective ways to slash the cost of your insurance.
When comparing deals, you should make sure you’re still getting the cover you need. A quote may look cheap but dig deeper to check it provides the right level of protection.
We suggest using at least two comparison websites, because not every insurer is featured on every website. Keep in mind that some insurance policies may only be available directly through the provider.
Some brands have historically not been listed on price comparison websites at all, with Direct Line a famous example – although as of late 2024 it has policies available through Compare the Market.
It takes minutes to compare insurance, but that relatively quick job can really pay off. This is Money suggests you try at least two, such as:
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