Vehicle insurers who automatically renew your cover when it ends are costing you money, and if you live in the Midlands or the South East of England, you could be hit worse than drivers anywhere else.
Chris Heaton-Harris MP (Con, Daventry) with Peter Plumb, MoneySuperMarket CEO
Our investigation has already identified drivers who do not shop about are missing out on £1.3 billion worth of savings each year when their policies are automatically renewed by their insurers.
Now a regional breakdown of the data reveals that where you live has a weighty impact on how badly you’ll be hit.
Rip-off regions
Auto-renewals cost English drivers in the South East the most (£307 million), followed by these in the Midlands (£240 million), South West (£150 million) and North West (£137 million).
North of the border in Scotland, savings lost simply because of auto-renewals total much more than £32 million, although motorists in Wales are missing out on savings totalling £21 million.
Here’s a breakdown of how a lot every region is losing to auto renewals:
Election unique
With a basic election looming, we also looked at how the constituents of essential political celebration figures such as David Cameron and Ed Miliband compared.
Motorists in the Prime Minister’s Witney constituency are missing out on possible savings of up to £2.7 million by falling prey to their insurer’s auto-renewal tricks.
Alan Campbell MP (Lab, Tynemouth) and Peter Plumb talk about the auto-renewals report.
Meanwhile, Ed Miliband’s driving constituents are being ripped off by auto insurance providers to a lesser extent than Cameron’s – but motorists in the Labour leader’s North Doncaster powerbase could nonetheless save up to £2 million.
The PM’s Lib Dem coalition companion Nick Clegg represents the Sheffield constituency of Hallam, where drivers could shave £1.66 million off their insurance coverage policies by providing auto renewals the boot.
And although George Osborne attempted to balance the books in final week’s Budget, policyholders in his Cheshire constituency of Tatton need to have to comply with suit and save up to £2.3 million by avoiding auto-renewing.
‘Many motorists have no idea’
Dan Plant, editor-in-chief at MoneySuperMarket, mentioned: “Auto-renewal tricks are costing the nation’s drivers dearly, and require to stop.
“Motorists in the South East could be the worst off currently, but the whole market needs shaking up to support stifle the tricks of the trade.
“Many motorists have definitely no notion that they’re agreeing to auto-renewal when they buy their policy in the very first location, and insurers can often make it difficult for clients to keep away from renewing.”
We’re taking a stand
MoneySuperMarket is leading the charge against auto-renewals, and not too long ago launched an 8-point strategy to challenge the business and quit customers wasting their cash.
It involves recommended improvements such as drivers becoming asked no matter whether they want to opt-in to auto renewals or not, and forcing insurers to clearly show you how much you paid for cover last year so you can see how considerably far more or less pricey the renewal cost would be.
We’re campaigning hard for urgent modify, and a lot of MPs have backed our calls for market reform. But as and when your auto insurance coverage comes up for renewal, you ought to take power into your own hands and decline to auto-renew your policy until you have utilized a comparison tool to shop about for a greater price tag.
Do you reside in one of these automobile insurance rip-off regions?
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