Buying auto insurance within 15 to 28 days of your renewal date will get you the best price, according to a survey by MoneySuperMarket.
Renewing the day before it’s due costs an average of 17% more than renewing over the 13-day period, the study found.
Kate Devine, auto insurance spokesperson at MoneySuperMarket, noted that many people “extend our auto insurance policy to the last minute. Insurers know this, which is why we see renewal prices increase as your policy expires. “
With the average price of a fully comprehensive policy costing £ 490 ($ 679), premium holders who renew the day before their renewal date could spend £ 83 more than those who renew within the term, the study added.
From 14 days prior to the renewal, customers can begin to see prices increase, with prices increasing exponentially from day to day seven days prior to the renewal date.
“What our research shows is that it pays to be organized,” Devine said, adding that “if you haven’t renewed your auto insurance policy in a while, you can probably save even more, so make sure to shop around for a new one. deal – this is fast and can save you up to £ 218. “
The average price of motor insurance in the UK was at its lowest point in four years in 2020, figures suggest.
British drivers paid around £ 465 for comprehensive auto insurance last year, according to ABI’s latest auto insurance premium tracker.
This is down 1% since 2019 and the lowest average price since 2016, the data shows.
In addition, the average premium paid in the last quarter of the year was £ 468 – 3% less than the same period in 2019.
Meanwhile, Britain suffered the weakest car sales in January in 51 years, because showroom closings as a result of the pandemic almost brought the market to a standstill.
The Society of Motor Manufacturers and Traders said it registered just 90,249 new vehicles in the UK last month, a 40% drop from last year. SMMT said the total number of new car registrations was the lowest in January since 1970.
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