Consumer champion Martin Lewis has unveiled a simple yet powerful method that could help UK drivers slash their car insurance costs by hundreds of pounds. The Money Saving Expert founder revealed that timing your insurance purchase correctly can make a startling difference to your premium.
Speaking on his ITV show, Lewis explained that buying car insurance 23 days before you need it could lead to significantly lower quotes. This counterintuitive approach contradicts the common assumption that last-minute purchases yield the best deals.
The Sweet Spot for Savings
According to data from the Money Saving Expert website, purchasing your policy exactly 23 days before coverage begins appears to be the optimal window for securing the most competitive rates. This timing strategy could potentially save drivers substantial amounts on their annual premiums.
Why Timing Matters
Insurance companies use complex algorithms that factor in purchasing patterns and risk assessment. Those who plan ahead are often viewed as more responsible and less risky customers, thereby qualifying for better rates. The 23-day mark appears to be the industry's sweet spot where insurers offer their most attractive prices.
Practical Tips for Drivers
Lewis recommends setting a reminder for 23 days before your current policy expires. This gives you ample time to compare quotes and secure the best possible deal without rushing. He also emphasises the importance of:
- Always comparing multiple insurance providers
- Checking comparison websites directly
- Negotiating with your current provider if you find a better deal elsewhere
- Reviewing your coverage needs annually
This advice comes at a crucial time when many households are looking for ways to reduce their motoring costs amid rising living expenses. The simple act of timing your insurance purchase correctly could provide much-needed financial relief for drivers across the UK.
