Little-known date drivers should renew car insurance on | Personal Finance | Finance

Millions of drivers are facing increased costs with the rise in car insurance renewal prices. The cost of your car insurance premium is influenced by various factors, including your age, driving record, the type of car you drive, and even your postcode.

As most motorists know, having car insurance is a legal necessity for anyone driving a vehicle. A comprehensive car insurance policy, often referred to as fully comprehensive or ‘fully comp,’ provides the highest level of protection for you and your vehicle, which is why many choose this option.

In addition to covering third-party damage to another vehicle or individual, this type of car insurance also protects against fire, theft, and damage to your own vehicle, irrespective of who is responsible for the accident.

Despite some prices having come down, others have remained high with many struggling to afford it, despite the need to have it. According to, Tom Jackson from the consumer site GoCompare said: “While it is good news that premiums are starting to stabilise, the cost of car insurance is still an average of £100 more than it was this time last year. This means it’s more important than ever for policyholders to get the best deal.”

To save money, there is a 26-day sweet spot for securing the best insurance deal. The Times suggests that quotes for renewing insurance are often available about a month before the current coverage ends. However, according to consumer site GoCompare, the optimal time is 26 days before the start of your new policy.

They experts state: “The closer you leave it to your renewal date to get a quote for car insurance, the higher the cost of the premium tends to be” adding that the “best time to renew is usually three to four weeks before your policy ends”.

Regarding renewal, car experts advise against waiting until the last minute. This recommendation is based on data indicating that car insurance prices tend to increase as the renewal date approaches, often peaking in the week just before it.

They explain: “This is likely because insurers consider people who wait until the deadline to buy cover as higher risk. Taking out cover in good time on the other hand might indicate you’re an organised and responsible person. So, you’re more likely to take good care of your car and be a responsible driver, too.

“It’s also possible that customers will feel under pressure to buy a policy quickly close to the renewal date and are more willing to accept higher costs when time’s running out.”

The 26 days sweet spot is also backed up by Martin Lewis’ Money Saving Expert ( MSE) who say: “Most car insurance policies run for 12 months, with a new price calculated for the following year around a month before it ends. Yet you should never just auto-renew as it’s likely you’ll pay more than you need to.

“You should always compare prices, and we’ve found that the best time to buy car insurance is 20 to 26 days ahead, as this is usually the cheapest.”

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