Drivers urged to save 'up to 45 per cent' on car insurance costs by renewing at the 'perfect time'
Drivers could save as much as 45 per cent on their insurance
PA
Drivers are being urged to renew their car insurance at one particular time throughout the year so they can maximise their savings amid soaring costs.
With car insurance prices continuing to rise towards the dreaded £1,000 mark, motorists are looking at ways to slash the prices they pay to help themselves during the cost of living crisis.
Experts are calling on drivers to "save up to almost 50 per cent" on their car insurance premiums if they renew their policy between 15 and 24 days before it's due to expire.
This could have an enormous impact on younger drivers, especially those who have recently passed their tests, as they pay the most for their car insurance.
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Drivers are paying an average of more than £900 for their car insurance
GETTYSome 18-year-olds will be quoted insurance costs of more than £3,000 for a year's worth of coverage, in addition to the cost of learning how to drive, tests and the purchase of a vehicle.
Research also found that 62 per cent of people wait until the last minute to renew their car insurance costs, which is also when costs tend to be the highest.
Data from Quotezone.co.uk found that the "sweet spot" for renewing a car insurance policy is 15 to 24 days before their coverage ends.
This could save drivers an average of between 33 and 45 per cent - an enormous potential saving of more than £1,000.
Greg Wilson, founder and CEO of QuoteZone.co.uk, urged drivers to heed the advice and make major savings at a time when people are struggling with motoring costs.
He said: "Although car insurance costs appear to be starting to stabilise following the record highs they reached over the last 12 months, it’s important for drivers to make sure they’re not overpaying for their premiums.
“Some of the most common costly mistakes drivers make are letting their policies renew automatically, not shopping around for better deals and leaving it to the last minute to purchase the policy.
“Drivers generally get notified a month before the policy is about to expire, and that’s the perfect time to start shopping around and comparing different providers – purchasing 15 to 24 days before the policy start date for the largest potential savings."
He added that motorists can still make significant savings even if they stick with their current insurance provider.
The expert said getting quotes from other companies may help them save money by giving them tools to negotiate, as well as see whether they are over or under-insured.
Motorists have consistently been told to make use of price comparison websites, which will show them the best available prices for their situation.
Wilson continued, saying: "If possible, it’s also best to pay the entire annual premium upfront to save on interest payments and even consider adding an experienced driver to the policy – just be careful the main driver actually drives the car the most.
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The average car insurance policy for an 18-year-old costs more than £3,000
PA“When looking for affordable insurance, it's important for drivers to make sure they are not sacrificing protection in the event of accidents or unexpected situations.
“And remember, drivers must never give inaccurate information to help lower costs, this could void the coverage entirely."