Would you purchase a black box insurance policy?
According to the latest research commissioned by MoneySupermarket.com, we in the UK are more likely to scour the market for better deals than automatically renew our car insurance with our existing provider. However, some places are not looking hard enough.
With a joint high score of 77%, residents of Yorkshire and Humberside and Wales are the most likely to make savings on their insurance by searching for cheaper deals rather than accepting to renew their current deals.
On the other hand, residents in London are the least likely to search for a better deal as the research shows that only 58% of residents in the capital look for a cheaper provider when renewing their car insurance.
In order to show the good people of London what they have missed out on, here are some of the things that they could have bought if they had used MoneySupermarket to find a cheaper insurance quote and saved, on average, £375 a year on their car insurance.
Aimez-vous la France? Oui? Well, if you had used MoneySupermarket black box insurance, then you would have been able to spend the extra money on 8 trips to France with Eurotunnel, which are around £44 each. If you had just spent some time finding the best insurance quote, then you could be travelling up the Seine or visiting the Louvre with extra cash in hand.
If you love thrills and excitement then you could have used the money saved to purchase an 'Ultimate Supercar Driving Experience' with TrackDays.co.uk, where you could spend the day driving some of the world's greatest supercars, such as the Lamborghini Gallardo and the stunning Aston Martin DB9.
Away from what you could have saved if you compared insurance quotes is the worrying fact that a large number of people are trying to lower their car insurance premiums illegally. The practice of 'fronting' involves a parent, or another individual, declaring themselves as the main driver on, in this case, their child's policy. More worrying is that 23% of the people asked in the survey did not realise that this is, in fact, against the law.
According to the survey, 13% of males and 11% of females admitted that they had already declared themselves to be the main driver on their child's policy, whilst 17% of males and 13% of females would consider doing so in order to save money.
In the worst case scenario, an insurance provider can refuse to pay up if they find that someone is guilty of 'fronting' and, after this, it will become almost impossible to find insurance cover from elsewhere. This is why 45% of women, but only 37% of men, would not consider 'fronting' as they feel that there is a risk of an insurance claim not paying out if they were caught.
Overall, just remember that you might be one of the many Brits who are missing out on savings on their car insurance. In order to find the best deals, make sure you research all of the available deals online - and not by breaking the law!