Drivers who renew car insurance '29 days before renewal date' warned

Car insurance costs drop by 55 per cent if drivers buy policies on one specific day. Drivers may end up paying 55 per cent more for their car insurance if they wait to buy their car insurance premiums, which are legal requirements to keep cars on the road.

Data found that the average car insurance premium costs £367 if purchased 26 days before the starting date of the policy. In comparison, people who buy car insurance with the same-day start date could end up paying 55 per cent more.

For these, average policy prices start at around £569, data found. If someone were to buy their policy 29 days before their start date, it would set them back £383 - £16 more than those choosing to renew 26 days before.

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Tom Banks, car insurance expert at Go.Compare, said: “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."

He went on and added: "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 per cent 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." He added that it "pays to be organised" if you want to keep car insurance costs low as the Cost of Living crisis continues.

It comes after recent data showed the staggering rise in premiums, with some age groups hit by eye-watering and staggering £300 or more hikes this year.