Car insurance premiums have surged in the past year, impacting both new and existing drivers.
Experts suggest that the simplest way to reduce your premium is by selecting the right day to renew. According to Ryan Fulthorpe of Go Compare, purchasing a premium up to 29 days before the new policy begins allows you to “lock in” the quoted price.
Renewing your insurance on the day it’s due is the most costly option, as per Ryan. Go Compare data indicates that the closer you are to the renewal date, the more you may end up paying. On average, customers saved over 44% by purchasing car insurance 27 days prior to renewal compared to those renewing on the day.
If your insurance matches the current average, renewing early could save you £191. “Understanding the factors that affect car insurance prices is crucial, especially when looking to save money,” said Ryan. “Buying the policy on a different day is a simple way to save money, as there are various factors that can influence the price insurers offer you.”
Factors such as vehicle type and occupation affect car insurance prices. Purchasing your policy 27 days before renewal is an effective way to save money, according to Ryan.