Motorists across the UK could lose hundreds of millions of pounds every year for a simple car insurance mistake, new research has revealed.
Fresh data has shown that more than two-fifths of drivers forget to renew their car insurance policies until it is too late to make a switch.
In total, eight per cent of billpayers forgot to renew their cover before it was too late to compare, across all types of insurance.
Of those, more than two in five (43 per cent) said they forgot to renew their car insurance, allowing it to auto-renew without looking for savings.
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Research suggests that this could be costing Britons around £677million every year because they are not searching around to find the best deal, potentially missing out on hundreds of pounds in savings.
The latest information from Go.Compare's personal finance app Renewal found that drivers who compare their car insurance quotes could save up to £362 on their policy.
Around 1.8 million drivers could be missing out on savings, prompting an urgent warning from experts about shopping around, rather than letting their policy auto-renew.
Matthew Sanders, money spokesperson at Go.Compare, acknowledged that auto-renewal can be convenient, especially if drivers have to deal with many different bills.
Motorists could save almost £400 by shopping around before renewing their car insurance
| GETTYHowever, he noted that drivers could be missing out on "the best price" for insurance, since there are usually better deals available.
Mr Sanders continued, saying: "Comparing policies when your cover is nearing its end is a great opportunity to cut costs, yet many forget to keep track of when their policy is due to renew, and lose out on this chance as a result.
“For this reason, it's essential that you make a note of when your policies are due to be renewed so that you have a chance to shop around first."
The data also showed that there was a clear divide among people who allowed their car insurance deal to renew without shopping around.
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Drivers could be missing out on hundreds of millions of pounds in savings with their car insurance
| GETTYAround 14 per cent of those under the age of 34 admitted they failed to stay on top of insurance renewals, compared to just two per cent of drivers over 55.
Other motorists are also struggling to stay on top of vehicle cover, although not as much as car insurance.
Of those who forgot to renew their insurance, 20 per cent admitted to forgetting to save on breakdown cover, while a further 11 per cent allowed motorbike and van insurance to auto-renew.
Breakdown cover was among the 10 types of insurance that drivers forgot to renew
| PAMost forgotten about insurance renewals
Car insurance - 43 per cent
Home insurance (combined buildings and contents) - 31 per cent
Pet insurance - 28 per cent
Home buildings insurance - 26 per cent
Home contents insurance - 23 per cent
Breakdown cover - 20 per cent
Gadget insurance - 17 per cent
Travel (annual multi-trip) - 16 per cent
Motorbike insurance - 11 per cent
Van insurance - 11 per cent