Martin Lewis, founder of Money Saving Expert, has shared a tip that could cut car insurance premiums by up to 50%. Speaking on his BBC podcast, Lewis analysed 18 million insurance quotes to pinpoint the optimal date for securing the best renewal price.
Lewis advised drivers to obtain quotes around 26 days before their new policy starts, calling it the 'sweet spot'. He explained that quotes obtained between 18 and 28 days before the start date are generally favourable, with 26 days being ideal. For example, if a policy expires at the end of March and a new one starts on April 1, March 6 is the prime day to get a quote.
The strategy is independent of renewal notices sent by insurers. Lewis stressed that the key is to shop around on comparison sites at the right time, as insurance prices are based on behavioural patterns and claim likelihood. Data shows that last-minute renewers are considered riskier, leading to higher premiums.
Lewis cited an example where a driver received a quote of £340 when shopping 21 days before expiry, compared to £637 the day before. He urged drivers to set calendar reminders 26 days before renewal and to use delayed send emails as reminders.
