Brits losing money by not comparing car insurance

Thu, 01 Dec 2011
 
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Failing to shop around for car insurance costs Britons tens of millions of pounds each year, a new survey has revealed.

The research, carried out by Sainsbury's Finance the banking arm of the supermarket group, found that UK motorists collectively pay out a staggering £73 million every year because of inadequate cover, with many finding their insurance policies do not cover them for accident-related expenses, lost keys and other occurrences.

Seven per cent of those surveyed said they have had to pay for courtesy cars or child car seats following an accident after finding that they were not offered as standard by their policy, and many admitted to simply opting for the cheapest cover and not shopping around when insuring their motor.

Ben Tyte, head of Sainsbury's Car Insurance, stressed the importance of comparing insurance policies after warning that not all policies are created equal, with six in ten failing to cover motorists for transport costs after an accident .

"When choosing a car insurance provider it is vital motorists compare policies on a like-for-like basis; looking at price alone could have disastrous consequences," he said.