New research from MoneySuperMarket reveals that purchasing car insurance within 15 to 28 days of your renewal date gets you the best price; but renewing the day before it is due costs on average 17% more than renewing in the thirteen-day window.
With the average price of a fully comprehensive policy costing £490, premium holders that renew the day before their renewal date could be spending £83 pounds more than those renewing in the 15 to 28 window.
The UK price comparison website finds that from 14 days prior to renewal, customers may start to see prices creep up, with prices increasing exponentially day by day 7 days prior to the policy’s renewal date.
Kate Devine, car insurance spokesperson at MoneySuperMarket, commented: “Many of us leave renewing our car insurance until the last minute. Insurers know this which is why we see renewal prices increasing the closer to your policy’s end date.
“What our research shows is that it pays to be organised. Customers who renew their policy in the 15 to 28 window could save the best part of £83 pounds versus those that renew at the last minute.
“And, of course, if you haven’t renewed your car insurance for a while, it’s likely you could make even greater savings, so make sure you shop around for a new deal – doing so is quick and could save you up to £218.”
