Money Saving Expert has analysed car insurance renewal premiums, and discovered you can slash the cost by simply getting a quote at the right time.
Now most of us organise our car insurance online, usually by taking to one of the car insurance comparison sites when our renewal comes in with its built-in penalty for being ‘loyal’, to get a better quote, you might think you can do no more.
Even if you take the best of the quotes and use them to beat your current insurer’s daft quote down by a chunk, you come away smug that you’ve beaten the system. But actually, it seems there’s more you can do just by being a bit organised.
Money Saving Expert (MSE) – home to consumer guru Martin Lewis – has discovered that the price you are quoted varies massively depending on when you ask for a quote, and if you plan it properly you can save a shed load of cash.
According to MSE, the average quote if you hit one of the price comparison sites on the day you need to renew is £1,156, but if you get a quote, using exactly the same criteria, 21 days before it’s due then the average price is just £589 – almost half.
It seems that this is real, and is based on real actuarial risk assessments, with comparison sites confirming to MSE that insurers see drivers who leave it to the last minute to sort their insurance ending up making more claims, and see drivers who are organised three weeks before as a sensible bunch with lower risk factors.
So if you need to renew your insurance, get busy three weeks before it’s due and you could save a packet.