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Motorists 'fail to shop around for insurance'

Many drivers are spending unnecessary amounts on their car insurance by neglecting to shop around, according to new research.

A survey by Sainsbury's Bank has discovered that one in five UK motorists only obtained one quote when last insuring their car, with many drivers choosing to stay with their existing provider for the sake of convenience.

However, over a third of motorists who had been with their insurer for at least three years admitted that their premiums had increased, suggesting that making the effort to look around could have significant financial benefits.

"In such a competitive market motorists hold the trump card and should take advantage by shopping around for the best deal, making sure they get quality cover while keeping premiums low," said Lucy Hunter, manager at Sainsbury's Car Insurance.

"We recommend getting at least four quotes so that you can compare against price and level of cover and make an informed decision on what you're prepared to spend," she added.

According to research from Alliance & Leicester, 25 per cent of British drivers have taken out a loan for a used car purchase, while personal loans can also help to cover insurance costs.

See how much you could borrow with a motor loan from Lombard Direct.

22/08/2007 16:18:59

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