Car insurance comparison site Gocompare.com has completed new research which suggests some 5 milion motorists could overpay for their car insurance, totalling over £1 billion.

Gocompare.com found that 19% of drivers only read and file their car insurance renewal quote and don’t compare it against that offered by the competition. This could result in them spending considerably more than they need to for their car insurance.

CEO of Gocompare,com, Hayley Parsons, said ‘Our experience shows that insurers almost always offer more attractive quotes to new customers than they do to their existing clients.’

She went on to say ‘However, hundreds of thousands of motorists still mistakenly believe that because their insurer gave them a great deal in the past they are bound to still be competitive now. The idea that one insurer will remain the most competitive from one year to the next or that customers will be rewarded for their loyalty couldn’t be further from the truth.’

According to the research just over a quarter of respondents said they would switch to another car insurance company if they could save anything at all and over 80% said they would switch if they could save up to £75 a year.

By comparing their insurance renewal quote online, Gocompare.com show that their customers saved an average of £207 per year.

Gocompare.com was launched in 2006 to help people get the right insurance at the right price.

Today the comparison site compares home, motorbike, van and breakdown cover as well as car insurance.