Whilst recent research has revealed that car insurance premiums are dropping, there is still some stellar advice which could save you some serious money.

Recent research from Money Saving Expert (MSE) has revealed that there is a sweet spot in terms of when to search for renewal quotes, and that those who leave it until the last minute are hit hardest in terms of price.

MSE looked at more than 18 million quotes from January to May this year, looking at the data from the three biggest comparison sites - Confused.com, Compare The Market and MoneySupermarket.

The research found that the cheapest time to buy your policy is 21 days before the renewal date, with the average price £589. That quote is likely to be significantly higher if you look to renew 30 days in advance where the average is £1,120, that eye-watering figure rises even higher when you leave it until the last minute with an average premium of £1,156.

MoneySavingExpert.com founder Martin Lewis said: "Car insurance pricing is based on a mix of 'actuarial risk' and which section of the market is being targeted. To find the risk they look for patterns, and we've now uncovered that one of those is how early you get a quote before renewal.

"To avoid being a last-minute loser, everyone with car insurance should, at the very least, put a note in their diary 25 days before renewal to sort it within a week."

The reason for the huge difference in price? Well according to the UK’s biggest insurers, looking at your quote in advance suggests that you are someone who is careful and organised. Insurers love careful drivers. At the other end of the scale, a higher price for looking at things too early is simply because there are often fewer insurers offering premiums.

Sell or part ex your car today