Money Saving Expert (MSE) has shared what it describes as the optimal method for renewing car insurance, potentially saving drivers a 'massive' £1,371 on average. The advice comes as motor insurance remains a legal requirement for driving on UK roads, with third-party cover being the minimum needed.
According to MSE, the key is to obtain quotes 20 to 27 days before the policy start date, with 26 days being the sweet spot. The organisation analysed over one million quotes from MoneySupermarket between January and April 2024, finding that the average cost on renewal day was £2,277 per year, but 26 days earlier it dropped to just £906 – a saving of £1,371.
MSE explained that getting quotes too close to the renewal date can signal disorganisation to insurers, pushing up prices. Conversely, seeking quotes too early, such as 28 days or more in advance, may also lead to higher average prices as fewer insurers provide quotes at that stage.
Readers have reported significant savings using this approach. One named Hayley said her renewal dropped from £108 to £51 per month after following the tip, saving £684 annually. Another reader, Cara, saved over £690 by getting quotes 24 days early.
MSE advises drivers to note their renewal date and take action before the policy automatically renews. The organisation also offers an online car insurance tool to help motorists compare prices and cut costs further.
