Exact date to renew car insurance that could save you £1,371, experts say
# Exact date to renew car insurance that could save you £1,371, experts say
Experts warn that timing your car insurance renewal can lead to significant savings, with the best opportunity arising 26 days prior to your renewal date. MoneySupermarket's analysis revealed that failing to do so can unfortunately result in inflated premiums without the opportunity for competition.
According to research from MoneySupermarket, conducted between January and April 2024, an average policy costs £2,277 on the actual renewal day. This marks a considerable increase when compared to the potential savings available by securing quotes ahead of time.
"The cheapest time to get quotes is 26 days ahead of your renewal date – making it the best time to get a quote as your cover becomes more expensive the closer you get," said MoneySupermarket's analysis team. By following this advice, drivers could potentially save more than £1,371 on their annual insurance bill.