Drivers are being told they can save up to almost 50% on their car insurance premiums if they renew their policy 15 to 24 days before it expires. However, car insurance experts have revealed that the time motorists renew their insurance can severely impact the amount they end up paying.
The worst time to buy is at the last minute – with 62% of customers buying during this expensive period.
The sweet spot for renewing a car insurance policy is 15 to 24 days before the policy is due to start, as data reveals drivers purchasing during this time save themselves an average of 33-45%.
Many drivers hope that waiting until the last minute to renew their policies will lead to a good last-minute deal; however, this is not normally the case.
Car insurance experts at Quotezone.co.uk analysed the cheapest times to renew insurance policies and shared other useful tips to help drivers avoid overpaying premiums.
Organised motorists giving themselves plenty of time to shop around and receive numerous quotes before deciding whether to renew or switch policies will likely receive the best deals.
Another mistake people make is allowing their policies to renew automatically, as this can cause drivers to miss out on significant savings.
Other expert tips on keeping insurance costs down include paying annually, cutting back on unnecessary extras, improving vehicle security and taking advantage of multi-car discounts.
Motorists looking to keep premiums low should also try to avoid making small claims against their no-claims bonus, which will help build up the years of no-claims discount.
Reviewing the excess is another option. Drivers should try quoting with various excess options. Although a higher excess will likely lower the overall payment, drivers need to be careful that they are comfortable that they can afford the larger excess should an incident arise.
Quotezone.co.uk Founder and CEO Greg Wilson said: “Although car insurance costs appear to be starting to stabilise following the record highs they reached over the last 12 months, it’s important for drivers to make sure they’re not overpaying for their premiums.
“Some of the most common costly mistakes drivers make are letting their policies renew automatically, not shopping around for better deals and leaving it to the last minute to purchase the policy.
“Drivers generally get notified a month before the policy expires, and that’s the perfect time to start shopping around and comparing different providers – purchasing 15 to 24 days before the policy start date for the most significant potential savings.
“Even if they stick with their current insurer, obtaining quotes from other companies may still help them save money by giving them the tools to negotiate and helping them check they’re not over or underinsured.
“Price comparison websites can massively simplify this process by comparing multiple insurers and products at once.
“If possible, it’s also best to pay the entire annual premium upfront to save on interest payments and even consider adding an experienced driver to the policy – just be careful the main driver actually drives the car the most.
“When looking for affordable insurance, it’s important for drivers to ensure they are not sacrificing protection in accidents or unexpected situations.
“And remember, drivers must never give inaccurate information to help lower costs; doing so could void the coverage entirely.”
Quotezone.co.uk helps millions of drivers in the UK find savings on motoring products such as van, breakdown, and motorbike insurance. CompareNI.com can help drivers in Northern Ireland.
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