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When should you renew your car insurance to get the best price?

By Mathilda Bartholomew | July 1, 2024

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Experts at Quotezone.co.uk have found that the time you renew your car insurance can significantly affect how much you pay

When should you renew your car insurance to get the best price?

Insurance experts say timing is crucial when renewing a car insurance policy. 

Experts at Quotezone.co.uk have found the cheapest times to renew and shared other tips to help drivers save money on their insurance.

Compare car insurance quotes with Quotezone.co.uk and you could save up to £530*

The worst time to renew is last minute, with 62% of customers buying during this expensive period.

Renewing your policy 15 to 24 days before it starts can save you 33-45% on your premium. Many drivers think waiting until the last minute will get them a good deal, but that's usually not the case.

Planning ahead and shopping around for quotes before renewing or switching policies can get you the best deals. Letting your policy renew automatically can lead to missing out on significant savings.

Other tips to save on insurance include paying annually, cutting unnecessary extras, improving vehicle security, and taking advantage of multi-car discounts. Avoid making small claims against your no-claims bonus to build up your discount. Also, consider different excess options, but ensure you can afford the higher excess if needed.

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 is about to expire, 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 largest 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 make sure they are not sacrificing protection in the event of accidents or unexpected situations. And remember, drivers must never give inaccurate information to help lower costs, this could void the coverage entirely.”

See how much you could save on your car insurance with Quotezone.co.uk 

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