Go.Compare car insurance cost - when to buy

New research reveals the cheapest day to buy car insurance - and 98% of people are MISSING IT

Buying car insurance 26 days before your renewal is due can save you money, but only 2% do this

New research from Go.Compare car insurance has revealed that the cheapest day to buy car insurance is 26 days before your renewal is due - but 98% of people are buying it at a different time, when the price could be higher.*

The data shows that the average car insurance policy costs £367 if purchased 26 days before the policy start date, while those who buy car insurance with a same-day start date could be paying 55% more - with an average policy price of £569.

Days to policy start date

Average (median) price paid

26

£367

24

£377

22

£381

20

£381

18

£384

16

£384

14

£395

12

£393

10

£404

8

£412

6

£423

4

£448

2

£484

0

£569

While it’s possible to buy car insurance up to 29 days before you want your policy to begin, the research shows that the optimal time to buy is 26 days before your renewal is due. On average, policies bought 29 days before the start date cost £383, while those bought 26 days in advance cost £367.

Meanwhile, the most expensive time to buy car insurance is on the same day you need it - with these last-minute car insurance purchases costing £569 on average - a whopping 55% more than those bought 26 days prior.

Tom Banks, car insurance expert at Go.Compare, said of the data: “While many of us know the importance of shopping around for our car insurance, it’s less likely we’re aware of how the price might change depending on when we buy.

“Our data shows that the price of car insurance can vary a lot depending on how close you are to your renewal date, and it can pay to be organised - with policies bought 26 days in advance costing 55% less on average than those with a same-day start date. So, to get the most for your money, we recommend keeping a note of your renewal date and starting your car insurance search well in advance.

“It’s also important to remember that there are lots of factors that affect the price of your premium - such as your annual mileage and where your car is parked overnight. There are a few different ways you can help lower the cost of your car insurance:

● Park with care - make use of your garage or driveaway, if you have one, as parking your car off the road can decrease the likelihood of vandalism and theft - and insurers will deem you as less of a risk to insure, thereby lowering your premium.

● Pay annually - if you pay monthly you could find yourself forking out for added interest and additional fees; paying annually helps you avoid this.

● Improve your car’s security - consider installing alarms and other safety devices as these could help bring your car insurance cost down, as well as keeping your vehicle safe.

● Increase your voluntary excess - the higher your voluntary excess, the lower the cost of your policy is likely to be. However, you must make sure you can afford to pay the excess in the event of a claim.

● Take care with additional drivers - adding an experienced driver to your policy could help lower your premium, but always be honest about who the main driver is.”

For more tips and advice on how to pay less for car insurance, visit: https://www.gocompare.com/car-insurance/guide/top-tips-for-cheaper-car-insurance/.

- Ends –

Contact Information

Rubie Barker

rubie@fdcomms.co.uk

Notes to editors

Notes to editors

*Based on Comprehensive Car Sales purchased through Go.Compare between May 23 and Apr 24. Excludes NTUs, Test Quotes and Quotes where no premium was returned. Premiums relate to policies where the customer chose to pay Annually only. Limited to policies where the proposer was the main driver and was aged 18+. Price Paid between £35 and £12000.

For further information please contact: Lynsey Walden – lynsey.walden@gocompare.com Kath Chadwick – Kathryn.chadwick@gocompare.com

Or you can call 02920 020360. Keep up-to-date with GoCompare on Twitter; @Go.Compare

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/.