When do you look for car insurance prices? Do you spend the months leading up to your renewal searching out the best deals? Like many people, you might wait a little longer before you start to look for prices. In fact, many people wait until the last week before their renewal to look for their car insurance renewal price.
Car Insurance Renewal Prices
When you buy your car insurance can affect how much it costs. This is a standard part of most car insurance renewal prices. If you buy your car insurance further away from the deadline, it will likely be cheaper. In contrast, if you buy your car insurance close to your renewal deadline, it is likely to cost much more.
How Much do Prices Vary?
According to research done by the website Money Saving Expert, buying your car insurance on the day that you need cover can cost an average of (USD $)1,218 a year. This is in contrast to an average of (USD $)672 a year if you buy 24 days before the renewal date. The research shows that there is a ‘sweet spot’ of potential car insurance renewal prices. If you buy between 20 and 26 days, you are likely to save much more than at any time.
Does buying earlier always lower prices?
Overall, if you buy your insurance closer to your renewal date, you are likely to get a cheaper car insurance renewal price. However, it is not an exact science. Finding insurance through comparison sites might find you a cheaper price, but if you have points on your licence, or a conviction history, it can be much harder. At Axios Insurance & Reinsurance Solutions DMCC, we specialise in finding insurance for people who otherwise struggle. We can often find better prices for your insurance than comparison sites. We also always get in touch with you when it is time to renew – so you know that you are getting the best deals on your insurance.