Buying Car Insurance On 'The Right Day' Can Save You Hundreds

New independent research has discovered that your car insurance quotes can differ by hundreds of pounds in the month before your renewal date: here's how to beat the system
Buying Car Insurance On 'The Right Day' Can Save You Hundreds

You could save hundreds of pounds on car insurance just by buying on the right day, according to new research.

British bargain-hunting website Money Saving Expert ran an investigation into the prices of quotes given by insurance price comparison websites on every day from one month before the policy renewal date right up to the day itself.

It found that the most expensive times to buy were on the day of renewal and, surprisingly, 30 days beforehand, where the average quotes were above £1100. The cheapest day to buy was 21 days before renewal, when the average premium had sunk to £589.

We can see an obvious flaw with the data, which is the question of whether drivers considered to be higher-risk anyway tend to try to get quotes earlier than average, or perhaps leave it until it’s almost too late.

Buying Car Insurance On 'The Right Day' Can Save You Hundreds

But various insurers told Money Saving Expert that there’s a measurable correlation between people who buy their insurance at the last minute and the number and severity of accidents they are involved in. The website summarised:

“It’s all based around risk – buying it three weeks before you need it suggests you’re more careful and organised, while leaving it to the last minute means you’re seen as higher risk, with some insurers telling us they’ve seen a direct link between drivers who leave sorting their insurance to the last moment and a higher number of claims.”

So there you have it: renew at 21 days before your policy ends for the best savings.
Source: Money Saving Expert via Motoring Research

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Comments

AAA Insurance

insert AAA Insurance plug here

08/03/2018 - 11:19 |
28 | 1
OctyVRS

i tried this technique recently it didnt work for me cheapest day for me in the end was the week before it didnt save me a fortune but saved me £40 which on £500 insurance isnt to bad.

08/03/2018 - 11:21 |
6 | 0
☆★THEBOOSTEDBRIT★☆

February 29th

08/03/2018 - 11:34 |
5 | 0
Freddie Skeates
08/03/2018 - 11:56 |
20 | 0
Anonymous

Seems to depend on the type of car. Regular consumer garbage (eg Nissan Juke, fiesta, corsa) is definitely cheaper. Anything with some flavour (Civic Type R, Audi S4, E46 M3) is actually more expensive renewing 21 days before, anywhere from 1-2 weeks seems to be the ideal time for enthusiast/performance cars.

08/03/2018 - 12:49 |
0 | 2
Rand0m_c1tizen (Jon)

So kinda like buying airline tickets

08/03/2018 - 15:04 |
4 | 0
Ewan23 (The Scottish guy)

For the majority of us here on CT in the UK car insurance is a load of bolocks anyway haha saving £200 on it really makes no difference it’s still stupidity high.

08/03/2018 - 16:51 |
13 | 0
lowie t

Am i the only one with an insurance that doesn’t try to scam me?

08/03/2018 - 20:35 |
1 | 0

Probably

08/04/2018 - 13:08 |
0 | 0
Anonymous

While we’re on about insurance stay away from aviva there customer service is shocking and the are robbing *

08/03/2018 - 21:49 |
0 | 0
Anonymous

In America the only time things go up hundreds of pounds is around Thanksgiving

08/04/2018 - 05:24 |
1 | 0