Millions of pounds are wasted on motor trade insurance every year, according to the results of a new survey.
Undertaken by moneysupermarket.com, the research has revealed business and personal motorists are wasting up to £233 a year on by automatically renewing their motor trade insurance with their existing insurer.
This figure marks an increase of 40 per cent compared to the figure in 2009, with 15 per cent of those questioned admitting they don't renew change providers because they assume they won't be able to find a better deal anywhere else.
Steve Sweeney, head of car insurance at the site, said: "In this current climate, it is shocking to see the sheer scale of drivers who won't spend a few minutes to see if they can save money when renewing their car insurance. Shop around to get a better deal."
However, Mike Powell, research company Defaqto's insight analyst, recently warned opting for the cheapest motor trade insurance may mean people are not always covered when a claim is made.
