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When is the most suitable time to switch car insurance?

When is the most suitable time to switch car insurance?

If you want to save money on your car insurance, our research shows that you should get a quote three weeks before your renewal date.

Daniel Hutson
From the Motor team
minute read
posted 2 APRIL 2020

Save money by switching earlier rather than later

According to our data, drivers could save an average of £456.94 if they switch their car insurance provider three weeks before the renewal date – at that point, the average cost of a policy comes in at £538.59 compared to an average price of £995.53 on the day of renewal. In spite of that, nearly a quarter of customers wait until the actual day their renewal is due before shopping around.

While the optimum time to look at switching your car insurance is three weeks before your renewal date, our data shows that car insurance premiums increase significantly between seven and 14 days before the renewal date, meaning that you can still make a saving if you fall short of the three-week mark.

How does switching earlier affect different age groups of drivers?

Our data shows that younger drivers tend to save the most money by switching their car insurance three weeks early. A driver under the age of 20 could make an average saving of £381.36** compared with switching on the day the policy needs to start, or £82.75** for the average premium over the 29 days before the start date.

Drivers within the 25-29 age group could save, on average, £460.84** by switching 21 days before their renewal date. The average cost at that time is £685.37**, compared with £1,146.21** on the day.

By renewing 21 days ahead, drivers aged 30-39 could pay on average £544.64** compared with £908.79** on the day.

The benefits to older drivers are smaller, but definitely still worth having by being organised and getting a quote three weeks ahead.  

If you fit into the 40-49 category, you can still find joy in a substantial saving of £307.52** after three weeks against renewing on the policy start date.

Drivers aged between 50 and 64 save a little less – £266.95** after three weeks against renewing on the expensive policy start date. It’s older drivers between the age of 65 and 79 who tend to save the least: £236.88** compared with renewing on the day itself against three weeks.

If you are a young driver you could gain more valuable insights about keeping your premiums low in our young drivers report.  

Older drivers might find our guide to over 50s car insurance useful.

**All average price amounts based on Compare the Market data from 1 December 2019 to 1 March 2020. You may find a cheaper or more expensive quote based on your personal circumstances.

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