Drivers can halve their car insurance bills by renewing during 'sweet spot', say experts

Drivers are being advised to renew their car insurance during a specific period to help reduce their bills.

Experts say there is a 'secret' way to keep costs down, through a trick not many people know about. It's all about the insurance 'sweet spot' and the exact period drivers should renew their insurance.

This is between 15 and 24 days before the policy is due to expire. This is when the best offers will usually be available - and households could save themselves hundreds of pounds.

• Read More: Common mistake that can get drivers banned from roads with new motorists more at risk

• Get all the latest money news and budgeting tips from Chronicle Live with our free newsletter

But many drivers choose to leave it to the last minute to renew their insurance and end up paying the price. The sweet spot is not widely known but motorists are being urged to act within this time period to give themselves the best chance of saving cash, reports BirminghamLive.

Experts say savings of up to 50% can be made. Greg Wilson, Quotezone.co.uk founder and CEO, said: "Although car insurance costs appear to be starting to stabilise following the record highs they reached over the last 12 months, it’s important for drivers to make sure they’re not overpaying for their premiums.

"Some of the most common costly mistakes drivers make are letting their policies renew automatically, not shopping around for better deals and leaving it to the last minute to purchase the policy. Drivers generally get notified a month before the policy is about to expire, and that’s the perfect time to start shopping around and comparing different providers – purchasing 15 to 24 days before the policy start date for the largest potential savings.

"Even if they stick with their current insurer, obtaining quotes from other companies may still help them save money by giving them the tools to negotiate and helping them check they’re not over or under insured. Price comparison websites can massively simplify this process by comparing multiple insurers and products at once.

"If possible, it’s also best to pay the entire annual premium upfront to save on interest payments and even consider adding an experienced driver to the policy – just be careful the main driver actually drives the car the most."