Martin Lewis discusses best time to buy car insurance to cut costs by 40%

Car insurance can often be a faff and simply one of the last things on your mind.

But Martin Lewis says Brits can make the process a lot easier – and cheaper – if they buy insurance at a certain time.

It comes after Money Saving Expert analysed more than 18 million car insurance quotes and found the best time to get it was 21 days before renewal.

By sorting out insurance 20 to 26 days ahead, this typically cuts the costs by a staggering 40%.

In Martin’s weekly money tips email, the guru said: “It isn’t about the price from your existing insurer – that’s your renewal quote and is generally expensive and should be avoided.

“This is about getting quotes as a new customer. A policy that costs an average £1,218 a year on renewable day would just be £672 a year 24 days ahead – statistically the cheapest day. That’s £546 less.”

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So what should you do when you go to buy car insurance?

Martin advises to get a quote 3-4 weeks before, but if you missed it, then just do it immediately.

Make sure you combine comparison sites to quickly find your cheapest quote, get your details in fast and then find the best deal.

Don’t forget to check out hot deals comparisons where you won’t find big insurers, like Direct Line or Aviva, on these websites.

Checking multi-car policies could often be a good shout too, because if you’ve got more than one car in your home it’s sometimes cheaper to insure both.

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Martin Lewis

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Martin also suggests doing the counter-logical car insurance checks, plus adding a responsible second driver can sometimes slash the final cost.

If you don’t want to switch insurer, the money expert advises to haggle to get the best deal.

And if you’re not happy with the renewal then you can usually cancel your policy to get the rest of the year refunded.

For more information on car insurance deals, visit Martin’s website.

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