Go.Compare reveals the best time to buy your car insurance
Purchasing your policy 26 days before renewal could save you over £150
New data from Go.Compare Car insurance has revealed that the day you buy your insurance policy can play a crucial role in securing the best deal.
The comparison site has released its latest analysis of the best time to buy car insurance and found that, according to car insurance purchases made through Go.Compare in 2024, purchasing a policy 26 days before renewal costs an average of £390, £164 less than buying it on the renewal day.*
The data revealed that buying car insurance on the last day before your policy is due to renew can cost drivers 42% more when it jumps to £554.
|
Average (median) price paid* |
Days to policy start date |
|
£554 |
0 |
|
£511 |
1 |
|
£488 |
2 |
|
£470 |
3 |
|
£461 |
4 |
|
£446 |
5 |
|
£439 |
6 |
|
£432 |
7 |
|
£430 |
8 |
|
£417 |
9 |
|
£419 |
10 |
|
£415 |
11 |
|
£414 |
12 |
|
£415 |
13 |
|
£415 |
14 |
|
£409 |
15 |
|
£401 |
16 |
|
£400 |
17 |
|
£402 |
18 |
|
£401 |
19 |
|
£401 |
20 |
|
£398 |
21 |
|
£400 |
22 |
|
£402 |
23 |
|
£399 |
24 |
|
£394 |
25 |
|
£390 |
26 |
|
£394 |
27 |
|
£399 |
28 |
|
£404 |
29 |
While car insurance can be purchased up to 29 days in advance, the research highlights that buying between 21 and 28 days before renewal offers the best savings.
Tom Banks, car insurance spokesperson for Go.Compare explains why: “It’s no secret that insurers consider multiple factors when calculating your premium, but many drivers don’t realise that the day you buy your policy can also impact the price. Drivers who leave it until the last minute are often perceived as higher risk, which can result in higher premiums. On the other hand, purchasing in advance signals that you’re organised and responsible—traits that insurers reward with lower prices.
“Your annual mileage, where you park your car and the car you own could all affect the price of your premium - and while these aren’t things you can easily change, there are still a few practical ways you can help lower the cost of your car insurance:
- Pay annually: Paying for your insurance premium monthly is seen as a loan by the insurer and once interest is added you will end up paying more than if you opted to pay annually.
- Shop around: Simply using a comparison website like Go.Compare makes getting quotes from different insurers easy. You only have to put all of your details in once and you can see exactly what each policy includes, all in one place.
- Consider additional security: insurer-approved wheel locks, alarms and other security measures could bring down the price of your premium.“
For more tips on how to get the best deal on your car insurance, visit: https://www.gocompare.com/car-insurance/guide/top-tips-for-cheaper-car-insurance/
Contact Information
Rubie Barker
Notes to editors
*Median premium paid by all customers over the age 18, for annual payments of fully comprehensive car insurance policies bought through GoCompare between January 2024 and December 2024.
For further information please contact:
Lynsey Walden or Rubie Barker at Go.Compare on lynsey.walden@gocompare.com or rubie fdcomms.co.uk
Keep up to date with GoCompare on Twitter; @GoCompare
About Go.Compare
Go.Compare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
It does not charge people to use its services and does not accept advertising or sponsored listings, so all product comparisons are unbiased. Go.Compare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. It is this approach to comparing products that secured the company an invitation to join the British Insurance Brokers’ Association (BIBA) in 2008, and it is still the only comparison site to be a member of this organisation.
Go.Compare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest and works with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
Go.Compare is part of Future Plc and is authorised and regulated by the Financial Conduct Authority (FCA).
More information can be found here www.gocompare.com or here https://www.futureplc.com/brands/.