Drivers across the UK can make staggering savings on their car insurance by simply timing their renewal correctly, according to consumer champion Money Saving Expert (MSE).
The Golden Rule for Cheaper Premiums
The team founded by Martin Lewis has pinpointed the optimal window for securing the best price on your motor cover. Their analysis of over one million quotes reveals that the secret is to get new quotes exactly 26 days before your current policy is due to expire.
Leaving it until the last minute or starting the process too early can both lead to significantly higher costs. MSE explains that insurers may view those getting quotes very close to their renewal date as disorganised, and therefore higher risk.
How the Savings Add Up
The potential savings from this simple timing trick are substantial. Data from MoneySuperMarket gathered between January and April 2024 shows a dramatic difference in average premiums.
On the actual renewal day, the average annual policy cost was a hefty £2,277. However, for those who shopped around 26 days in advance, the average price plummeted to just £906.
This represents an average saving of £1,371 per driver, effectively cutting the cost of insurance by more than half.
Real-World Success Stories
MSE readers have already put this advice into practice with impressive results. One driver, named Hayley, reported that her monthly payments dropped from £108 to just £51 after renewing three weeks early, saving her £684 over the year.
Another reader, Cara, shared that by getting a quote 24 days before her renewal date, she saved more than £690 compared to the price her existing insurer offered.
It is a legal requirement for all drivers in the UK to have at least third-party insurance, which covers damage or injury to other people, vehicles, or property. While essential, this outgoing can feel like a significant financial burden, making these savings particularly welcome.
Motorists are advised to diarise their renewal date as soon as they receive their notice, which is typically sent around 28 days before a policy ends. This provides the perfect reminder to start the comparison process and avoid automatic renewal at a higher price.
