You could save hundreds of pounds on car insurance just by buying on the right day, according to new research.
British bargain-hunting website Money Saving Expert ran an investigation into the prices of quotes given by insurance price comparison websites on every day from one month before the policy renewal date right up to the day itself.
It found that the most expensive times to buy were on the day of renewal and, surprisingly, 30 days beforehand, where the average quotes were above £1100. The cheapest day to buy was 21 days before renewal, when the average premium had sunk to £589.
We can see an obvious flaw with the data, which is the question of whether drivers considered to be higher-risk anyway tend to try to get quotes earlier than average, or perhaps leave it until it’s almost too late.
But various insurers told Money Saving Expert that there’s a measurable correlation between people who buy their insurance at the last minute and the number and severity of accidents they are involved in. The website summarised:
“It’s all based around risk – buying it three weeks before you need it suggests you’re more careful and organised, while leaving it to the last minute means you’re seen as higher risk, with some insurers telling us they’ve seen a direct link between drivers who leave sorting their insurance to the last moment and a higher number of claims.”