Cheapest day to buy car insurance where drivers save £100s every year

Go.Compare has revealed the cheapest time to buy car insurance
-Credit: (Image: InYourArea)

UK drivers have been advised they can save up to 55% on car insurance if they buy their premiums on a certain day. The advice has been issued by Go.Compare revealed which could save motorists hundreds of pounds.

It could spell welcome news for many drivers after the price of car insurance rose to record levels in late 2023, causing even more financial strain on people's purse strings. But the price comparison website says the cheapest day to purchase car insurance is 26 days before your renewal is due.

Stats revealed that 98% of customers bought car insurance at a later time when the price could be higher. The average policy when purchased 26 days in advance costs £367.

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But drivers who buy car insurance with a same-start day typically pay £569 - which is 55% more in price. While it's possible to purchase car insurance up to 29 days before a policy start date, Go.Compare research reveals a 26-day period is the optimal time.

On average, policies bought 29 days before the start date cost £383, while those bought 26 days in advance cost £367. However Go.Compare revealed the most expensive time to purchase car insurance was, unsurprisingly, the same day you need it.

Tom Banks, car insurance expert at Go.Compare, said of the data: "While many of us know the importance of shopping around for our car insurance, it’s less likely we’re aware of how the price might change depending on when we buy. Our data shows that the price of car insurance can vary a lot depending on how close you are to your renewal date, and it can pay to be organised - with policies bought 26 days in advance costing 55% less on average than those with a same-day start date.

"So, to get the most for your money, we recommend keeping a note of your renewal date and starting your car insurance search well in advance. It’s also important to remember that there are lots of factors that affect the price of your premium - such as your annual mileage and where your car is parked overnight."