In the UK, drivers are paying on average £267 too much every year for their car insurance premium, reveals new research.
According to data by GoCompare, motorists in Britain are collectively paying £800m a year too much in premiums by allowing their policy to automatically renew and not shopping around for a better deal.
It also revealed that just 39 per cent of drivers decide to switch insurer when it comes to the time of renewal.
Car insurance prices rose to their highest level in the UK earlier this year after the tool used to calculate insurance payouts for those with life-changing injuries was changing and an increase in Insurance Premium Tax.
In March 2017, Justice Secretary Liz Truss changed the Ogden Rate, which is used to calculate compensation payments for those with life-changing injuries, from 2.5 per cent to -0.75 per cent.
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This change added about £75 on average to car insurance premiums across the UK for Brits.
The average cost of premiums has leapt up to £800 since June 1st, with an average increase of £200 on UK policies.
It is predicted that average premium costs could breach the £1,000 mark by 2018.
However, a recent report revealed that average policy costs could be reduced if a new proposal is passed by the Government.
Georgie Frost of GoCompare said The Telegraph: “Insurers aren’t effectively communicating all the options open to people at renewal.
“We’d like to see insurers make sure that important information is prominently displayed, so that policyholders are actively and effectively encouraged to shop around every year.
“At the moment, insurers can – and do – still give more prominence to messages that encourage people to do nothing, despite their premiums going up.”