Cheapest time to buy car insurance

Oneputt
Oneputt Club Member Posts: 9,144 ✭✭✭
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edited December 2019 in Tips for making Caravanning & Touring Cheaper #1

Just lifted this from Money Saving Experts newsletter:

Warning. Don't wait till the last min to buy car insurance. The PERFECT time is 20 to 26 days ahead, cutting typical costs by 40% 


For years we've been refining our system on how to get the cheapest car insurance. In summer 2018, after analysing more than 18m car insurance quotes, we told you the perfect time to get it was 21 days before renewal.

Now we've redone the analysis, with over 50m quotes (courtesy of Compare The Market, Confused.com and MoneySupermarket) and we now think you've a six-day sweet spot, from 26 to 20 days before renewal, where you'll find the cheapest price - after that, prices rise steadily.

This isn't about the price from your existing insurer - that's your renewal quote (and is generally expensive and should be avoided). This is about getting quotes as a new customer. A policy that costs an avg £1,218/yr on renewal day would be just £672/yr 24 days ahead - statistically the cheapest day. That's £546 less.

Comments

  • Oneputt
    Oneputt Club Member Posts: 9,144 ✭✭✭
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    edited December 2019 #2

    Personally my own insurance has never been as expensive as quoted above but there are still substantial savings to be made

  • nelliethehooker
    nelliethehooker Club Member Posts: 13,636 ✭
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    edited December 2019 #3

    Funny how there's no more comments on either of our post about this subject, OP! It would appear that they're too busy arguing between themselves about what posts there or not!

  • Wherenext
    Wherenext Club Member Posts: 10,586 ✭✭✭
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    edited December 2019 #4

    I've not found any conclusive evidence that any specific time is best for finding a cheaper quote. Sometimes a cheap quote 3 weeks before renewal can disappear within a week, particularly if the timescale spans the next month. Similarly leaving it later can see new deals enter.

    I just decide what I'm willing to pay and make sure it's with a company that I can expect to be able to trust.

    Was there 2 threads, Nellie? This system is all over the place.

  • nelliethehooker
    nelliethehooker Club Member Posts: 13,636 ✭
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    edited December 2019 #5

    Yes WN, there were. OP & I posted about the me with slightly different titles but the subject came from the same source. The data was supplied by Money Saving Expert, and the finding of LV with regards to those with the highest risk leaving it till the last minute to apply for insurance.

  • Takethedogalong
    Takethedogalong Forum Participant Posts: 17,033 ✭✭✭
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    edited December 2019 #6

    We will definitely have a look when we have a policy due. Thanks for this👍

  • richardandros
    richardandros Club Member Posts: 2,681 ✭✭✭
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    edited December 2019 #7

    I also noticed this in the Money Expert email which I subscribe to.

    Personally. I will be staying with NFU - who don't participate in any comparison sites - regardless of what it costs me - and I'm doing so, simply because of their reputation for settling claims - and I can talk to someone in their local office, if necessary. I got caught out by switching to a well-known provider a few years ago - had to claim - and got nothing but aggravation throughout the process because I insisted on using the only VW approved repairer in our area ((on a new car still under warranty), rather than theirs.

    I might have saved £100 or so - but it certainly caused me more than a £100 worth of grief went it came to the crunch (literally).

    It's the same reason why I have just renewed my caravan cover with this Club - as I have posted elsewhere.

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