Motorists are being told that by shopping around for their car insurance policies and by switching to better deals, they can be saving hundreds of pounds on their insurance premiums.

Drivers are set to waste more than £140 each or £9.4 billion collectively, by sticking with their existing insurer and not shopping around for car insurance, according to a price comparison website.

Recent research from the price comparison site shows that around one in every five drivers - or 20 per cent - will automatically renew their motor insurance with their provider rather than shopping around to find a better deal.

Of these, one in eight - 12 per cent - don't think they can find a better deal, and a further eight per cent or 2.6 million motorists say they will automatically renew their insurance because they can't be bothered to see if they can save money.

Drivers who are based in East Anglia and Northern Ireland are the worst culprits, with over one in four - 28 per cent - not shopping around when it comes to renewing their policy.

Spend a few minutes save a lot of money

Steve Sweeney, the head of motor insurance at the website, 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."

He also said: "Our research has found drivers could save themselves £141 on average by scouring the market - money which could come in useful elsewhere. It is alarming that so many motorists are prepared to waste their hard earned cash."

The research also reveals drivers stay loyal to their provider for an average of 2.7 years, with the over 70s remaining the most faithful of the age groups. They were found to remain with their provider for an average 3.8 years.

Likewise, motorists in Northern Ireland take the top spot for the most loyal region, continuing their policy with the same company for an average 3.2 years, followed closely by those in the South West, East Anglia and the North East, all of whom stay for an average 2.9 years.

Higher prices to come

Mr Sweeney added: "Providers count on your apathy to reap the profits. While they may lure you in with a competitive deal or special discount on year one of your policy, not ordinarily available to existing policy holders, you can be sure your renewal price will include a hefty premium - hardly the thanks you were expecting for your loyalty."

Mr Sweeney concluded by saying: "Even if you think your quote can't be beaten, it only takes a few minutes to make sure you really do have the best value policy to suit your needs. In addition, if you have not made a claim in the past twelve months, you should normally expect to be paying less than you did the previous year."

A London based motorist confirmed the notion that switching insurance providers can be beneficial and could lead to lower car insurance premiums.

She said: "I have been driving for three years and for each year I have had a different car insurance provider. By shopping around and looking at what is on offer from different providers, I have saved hundreds of pounds on my insurance policies. It is usually more than £100 off of my car insurance price from the previous year."

"I usually find that my previous car insurance provider, will try to lower the price or offer other incentives if they see that I am looking at other insurance policies. But in the end I do go for the cheaper car insurance policies, despite the freebies they may be offering me."