Despite the new rules scrapping loyalty penalties (introduced on 1 January 2022) meaning that insurers can no longer offer new customers a better deal than existing ones, it’s still worth shopping around and comparing car insurance deals.
And leaving your car insurance to auto-renew or switching car insurance companies at the very last minute continues to make your car insurance premiums more expensive.
So when is the best time to buy car insurance? When exactly is the ‘sweet spot’ for renewal where you’re guaranteed to make the biggest savings?
Here’s everything you need to know about the cheapest time to renew car insurance and how to make sure you get the best deal.
When is the best time to buy car insurance?
According to research by MoneySuperMarket, the best time to get car insurance is 15 to 29 days before your existing policy’s renewal date. Apparently, the average motorist can expect to pay 17% more if they leave buying or renewing until the last day of their existing motor policy.
However, a separate study by Nimblefins reveals that the best time to get a car insurance quote is 3 weeks before renewal or expiry of your existing policy. What’s more, Nimblefins’ research revealed that you can save up to a whopping 30% by renewing three weeks early.
And to confuse you even more, Martin Lewis says the ‘sweet spot’ for finding the cheapest car insurance deals is 23 days before renewal or expiry!
Basically, whatever data you look at or advice you decide to act on, the closer you get to your renewal date the more expensive your premiums will become.
When is the best time to look for car insurance?
To make sure you allow enough time to find the best deal, you should start looking at car insurance deals and comparing quotes around one month before your existing policy is due to renew or expire.
To make sure you don’t miss out on significant savings, put a reminder in your diary a month before your renewal so you can potentially cut the cost of car insurance premiums by up to 30%.
Doing so will leave you ample time (a week or two) to search for the best deal before you enter the expensive ‘danger zone’ where your quotes will become increasingly more expensive (approximately 3 weeks before your policy ends).
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Is there a best time of day to buy car insurance?
According to data and research from Confused.com, the cheapest time to buy car insurance is between the hours of 6 am and 9 am. Remember: the ‘early bird catches the worm’!
How far in advance can I buy car insurance?
So how early can you go and shop car insurance? Typically, you can start shopping around for motor insurance renewal quotes a month in advance. As mentioned above, it makes complete sense to start looking one month before to allow sufficient time for you to choose the right policy and get the best deal.
However, there’s nothing to stop you from comparing insurance policies at any time you choose to and you can start researching which policy will best suit your needs at any time of day, month or year. But bear in mind that you should again re-check the quote with the same insurer three weeks before renewal for a more accurate quote and optimal savings.
How to get the best motor insurance deal
When comparing motor insurance policies, you should look at every aspect of at least three of the best policies or quotes you have obtained and scrutinise the smallprint.
When choosing the best three quotes, look out for hidden exceptions such as a courtesy car only being provided subject to availability or if key cover provides 24-hour assistance.
Also, pay attention to administrative and cancellation charges as some of these can be eye-watering. You’ll usually need to visit the insurance provider’s website for more intricate details about a policy.
And if you change providers, don’t forget to cancel your auto-renewal!
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