A new study has discovered the optimal time to renew your car insurance to get the best savings.
The research from MoneySavingExpert found that drivers could save up to 40 per cent if they sort out their policy 20 to 26 days before it up for renewal. Looking at more than 50 million quotes, the study found that on average the cheapest quotes of £672 are available 24 days before the start date.
Martin Lewis, founder of MoneySavingExpert.com, said: “We’ve analysed 50 million quotes to find the new sweet week for car insurance is 20 to 26 days before your renewal is due – this can cut your costs by nearly 40 per cent
“This is a shift from before, when 21 days came out top on its own.
“This isn’t about sticking with your existing provider though, which often results in paying more in its own right, it’s about finding a new one.
“Insurers have admitted to us that quite simply drivers who leave it until the last minute are statistically riskier, therefore they pay more.”
Those who wait and take those risks are punished to the tune of £1,218 on average, £546 more than buying at the optimal time.
And it’s not just sorting your policy late that sees prices rise, those who took out a policy 30 days in advance spend £388 on average more than the cheapest quote.