Drivers who fail to switch car insurance providers have been found to overpay by £1،400 over a decade compared to those who shop around.
An audit of 9،000 motorists by research agency Consumer Intelligence found drivers who stick with the same car insurer after the first year lose on average £63 compared to those who switch providers.
The longer drivers stay with the same provider، the more their loyalty costs them، as the study found drivers staying with the same provider for 10 years will lose £1،400.
The Financial Conduct Authority introduced new rules in April، which require insurers to display the current and renewal price for motorists. The FCA estimates the new laws will save motorists and other consumers more than £100million by alerting them of any price hikes.