Martin Lewis urges drivers to make simple car insurance change that could save them hundreds

car insurance policy
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Motorists could be in for substantial savings on their car insurance by adopting a simple timing strategy when renewing their policies in 2024. Money-saving guru Martin Lewis, alongside TikTok influencers, has highlighted the optimal time to secure the best deal.

Renewing your car insurance policy approximately three weeks before it expires is the key to unlocking significant discounts. By planning ahead and renewing early, drivers stand to save hundreds of pounds, with the period between 23 and 16 days before expiry pinpointed as the prime window for renewal.

TikTok influencer @shetalkscars shared this tip online, explaining that securing a new policy within this timeframe can lead to considerable savings. She explained: "This is a car insurance hack I wish I knew years ago. Literally, this one little thing that costs you no money, just a bit of planning could literally save you hundreds off your car insurance for the year. I know because I've done it. It works," reports the Express.

"Get your car insurance between 23 and 26 days in advance, for some reason, this shows insurers that you're a safer driver. I don't know why that is anyway it makes your insurance cheaper. That's all you need to know. Make sure you do this, it's going to change the game."

After following her own advice, @shetalkscars reported saving between £200 and £300 on her insurance policy. The tip has been met with enthusiasm on social media, with users sharing their success stories. One user, @thevinnievinster, commented on the dramatic difference in price they experienced by choosing to wait a few weeks: "I remember doing this for my 1 series. It was either wait 3 weeks and pay 800 or pay 5k for next day lol."

Social media users have been sharing their experiences with car insurance renewals, highlighting the benefits of not leaving it to the last minute. User @87klow shared on Twitter: "I always do it the week it's due to renew, good tip. will do this next year."

Meanwhile, @leighs_stuff tweeted about a recent change of car leading to a high premium: "I do this every year. Changed car this year and omg never had such a high premium! " Additionally, @herbie4552 boasted a saving by renewing early: "Yep I did it and saved 50 quid on last years."

A TikTok user also chimed in, explaining the rationale behind early renewal: "It shows that you are organised and plan ahead instead of leaving it till last minute, a trait that is good when driving.. braking for instance."

Money-saving expert Martin Lewis has long recommended this approach, previously advising ITV viewers on the optimal time to renew car insurance policies. He emphasised the importance of timing: "The perfect time to get car insurance is 23 days before your renewal. That's not for your renewal quote, that's for going onto comparisons to get different quotes."

Lewis explained the logic from an insurer's perspective: "It seems absolutely ridiculous but insurance pricing is all about actuarial risk. And what their risk shows them is the type of people who get car insurance early are a lower risk so they give them a lower price."

He warned of the cost implications of delaying insurance renewal: "You might pay nearly double if you wait until the last minute to get your car insurance."