Being aware of your car insurance renewal date could lead to savings of nearly \u00a3200, expert says.<\/p>\n\n\n\n
At the beginning of 2023, renewed premiums cost drivers an average of \u00a3436. Additionally, the average price of a new driver’s policy increased by \u00a314, reaching \u00a3545.<\/p>\n\n\n\n
Given the current cost-of-living crisis, having knowledge of the renewal date can help Britons save money.<\/p>\n\n\n\n
Ryan Fulthorpe from GoCompare has shared a valuable tip to obtain the best insurance value. He suggests purchasing a premium up to 29 days before the policy start date and “locking in” the quoted price on that day.<\/p>\n\n\n\n
Fulthorpe mentioned that GoCompare’s data indicates that the closer one gets to the renewal date, the higher the potential cost.<\/p>\n\n\n\n
On average, customers saved over 44% by buying car insurance 27 days prior to renewal, compared to those who renewed on the actual day.<\/p>\n\n\n\n
By utilising this approach, motorists could save more than \u00a3191, considering the average cost of a renewed premium at \u00a3436 at the beginning of the year.<\/p>\n\n\n\n
It is also recommended that drivers utilise comparison websites such as GoCompare, Comparethemarket, and Money Supermarket to ensure they secure the best deal.<\/p>\n\n\n\n
Julie Daniels, a motor insurance expert at Compare the Market, advises that those who drive fewer than 4,000 miles per year could save an average of \u00a3168 by switching to pay-by-mile policies instead of annual comprehensive car insurance.<\/p>\n\n\n\n
Another cost-cutting measure is the installation of a black box, especially for young drivers.
Black boxes monitor driving behavior, and policy prices can decrease by as much as 60% for motorists who have been on the road for at least a year.<\/p>\n\n\n\n
However, poor driving habits can result in higher insurance premiums as a consequence.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Being aware of your car insurance renewal date could lead to savings of nearly \u00a3200, expert says. At the beginning of 2023, renewed premiums cost drivers an average of \u00a3436. … <\/p>\n