Drivers Can Save Over £540 on Car Insurance by Timing Renewal Correctly
Motorists across the UK have the opportunity to slash their car insurance costs by more than £540 simply by renewing their policies at the optimal time. New research has pinpointed a crucial 28-day window before renewal that delivers the most substantial financial benefits.
Significant Savings Through Early Action
According to data from Confused.com, drivers who search for quotes precisely 28 days before their renewal date pay an average of £511. In stark contrast, those who delay until their policy's expiry date face average costs of £1,052. This represents a staggering saving of £541 for proactive shoppers.
With typical car insurance premiums now reaching £726, industry experts warn that many motorists are significantly overpaying, often without realising it. The research indicates that those who shop between three and four weeks in advance consistently secure the most competitive rates, while last-minute shoppers typically encounter bills exceeding £900.
Additional Factors That Influence Premiums
The analysis reveals several other factors that can dramatically affect insurance costs:
- Drivers listed as the only policyholder paid £917 on average, while those with an extra named driver paid £650 – a saving of £267.
- Motorists who specifically added their spouse as a named driver paid just £418, which is £499 less than the average sole driver.
- Drivers with a 10-year no-claims history could still save up to £75 on average, as their discount is maintained even if they make a claim.
- Those declaring ownership of more than one car paid an average of £732, compared to £780 for single-vehicle owners – a saving of £48.
Expert Advice for Maximum Savings
Matt Crole-Rees, motoring expert at Confused.com, emphasised the importance of careful consideration when purchasing car insurance. "When it comes to buying car insurance, there are a lot of details that we might overlook which could in fact save us money," he stated.
"Things like protecting no-claims or adding a licence number can result in significant savings. Even adding a named driver rather than relying on third-party cover could save you hundreds."
Crole-Rees added a crucial warning: "But it’s important that you are always accurate and honest when it comes to your car insurance quote. Flexing a few details to save money could put you at risk of invalidating your policy."
He concluded by highlighting the primary strategy for savings: "The biggest saving comes from shopping around early – saving hundreds of pounds compared to leaving it until the last minute. Even a few small changes could really help at a time when the cost of motoring is increasing."
This comprehensive research demonstrates that strategic timing and careful policy configuration can lead to substantial financial benefits for UK drivers facing rising motoring expenses.
