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

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.

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/.

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