Go.Compare Car Insurance says the best day to renew is 27 days before it expires.
The data shows that policyholders could pay up to 50% more if they renew their policy on the day it’s due for renewal, compared to 27 days before.
The findings are based on the average premium paid by policyholders in 2022, and also found that the most expensive time to buy your new policy is the day the renewal is due. On average, the longer you leave it to renew your car insurance policy, the more you are going to pay.
Ryan Fulthorpe, car insurance spokesperson for Go.Compare, said of the data, “Being aware of the factors that impact the price of your car insurance is so important, especially at times when we are looking to save money where we can. While other changes may take more time, or come with a cost, simply buying the policy on a different day is a great way to save some money.
“There are a whole range of factors involved which may vary the price insurers offer you for your car insurance, from the type of vehicle you drive, to your occupation. Some of these factors are not changes that you can easily make, but simply buying your policy 27 days before it is due to renew is an effective one.”
