When Is The Best Time To Buy Car Insurance?

If you are buying your first car and looking for car insurance or your existing policy is shortly due for renewal does it really matter when you start to get some competitive quotes? Well, according to some research carried out by the website MoneySavingExpert, it would appear that there is.

MoneySavingExpert has apparently looked at many millions of car insurance quotes from a number of price comparison websites and discovered that the best time to get quotes is 21 days before a new motor insurance policy is to commence. In fact, the price difference is quite significant as the average premium payable on the day of renewal would be around £1,156 per annum but if a quote was obtained 3 weeks sooner than that the price may be around £589 per annum. That is a difference of £567 per annum and we are sure you will agree that is a large sum of money that you would no doubt rather have in your pocket to do with as you so wish.

Some insurers are of the opinion that the nearer the time to the date of renewal of their existing cover that a motorist obtains a quote the more likely he or she is to be claiming on their policy at some point in the future. Therefore, as the risk is perceived to be greater, the premium is going to be higher.

So, you may wish to bear the above in mind as you may be able to save some money when it comes to car insurance which is something that you would no doubt welcome being able to do. After all, the cost of running a car these days is prohibitive for many motorists especially when you consider that the amount charged for fuel has been increasing in the last few months. Do not forget, when looking for motor insurance, to shop around and look at a number of providers to try to obtain a competitive price.