A CAR insurance expert has revealed the date drivers should mark in their diaries to renew their policy and save £504 a year.
Timing your renewal correctly could slash your annual bill by almost half.
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Car insurance experts have revealed the exact date to renew your policy and save £504Credit: Getty
Insurance renewal is a key time for policyholders as premiums are often hiked, especially if you renew late.
Fortunately, experts from Alan Boswell Group have worked out the best time to sort your policy to get a great deal.
Insurance whizz Heat Alexander Bew said: “You will typically receive a renewal quote from your existing provider approximately 3 weeks before your current policy ends.
“The renewal quote will highlight the price for the year ahead, therefore it’s very important to make note of this date if you want to shop around, with a lot of policies being on an auto-renew basis.”
Based on data from Money Super Market, they found that the cheapest time to find a quote is exactly 23 days before the scheduled renewal date.
This is when prices “bottom out”, with sharp rises following for every week you wait beyond that.
Indeed, the MSM study found that insurance costs £1,198 annually on average when taken out on the renewal date, compared to just £694 when renewed 23 days beforehand.
That’s a saving of a whopping £504.
And the date also has the backing of consumer champion and Money Saving Expert Martin Lewis.
Speaking on his ITV show, Martin said: “If you are near your renewal, getting quotes three weeks before may halve the costs.
I saved £2,000 on my car insurance – it’s as easy as clicking a button
“We ran 80million quotes to see exactly how the prices change.
“This isn’t about renewal quotes…this is about going to get new quotes to see if the price is cheaper in the run-up to your renewal date.
“It starts to drop at around four days but you get into the sweet spot around three to four weeks before.
“It bottoms out at exactly 23 days and the price starts to rise.”
It comes after a woman slammed Tesco when she was hit with a £40 parking fine at one of the supermarket’s branches thanks to a little-known rule change.
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