Drivers urged to get 'best price' for car insurance at specific time or risk spending hundreds extra

While the cost of living continues to impact millions of Britons, drivers will be relieved to see that prices have dropped a staggering 17 per cent compared to the same time last year, when the average policy was £882.

Since the end of last year, car insurance prices have fallen by seven per cent, with drivers benefitting from the lowest recorded price in almost two years.

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Speaking to GB News, Kevin Pratt, car insurance expert at Forbes Advisor, called on drivers to act at a certain time when looking to get the best deal available.

He said: "Always shop around at renewal to see if you can find a better deal - and don't leave it to the last minute.

"You'll get the best price offers a couple of weeks or so before your renewal falls due."

The expert said that drivers should always make a habit of challenging their existing insurer to see if they can offer the motorist a better deal compared to what they currently pay.

While prices are falling for drivers, certain motorists are still paying over the odds based on where they live, their age, or even their occupation.

Drivers in Inner London will feel hard done by when paying an average of £1,208, while vehicle owners in South Wales will spend more than £150 less than the national average at £614.

Unsurprisingly, younger motorists are being hit with the most expensive costs as 17-year-olds pay £2,258, while 18-year-olds are battered with a £2,434 cost.

Britons who have recently passed their driving test are able to cut car insurance costs with black boxes, which show insurers that they can be trusted behind the wheel.

Pratt continued, saying that drivers could further cut their costs by ditching comprehensive cover and instead choosing third party fire and theft (TPFT) or even the legal minimum of third party only.

While he noted that drivers would have much less protection in the event of an accident and would suffer financially if they damaged their own car, it would help them save money in the short term.

He added: "Another tactic that can reduce premiums is to increase your voluntary excess, which would result in you contributing more to any claim you made. Again, you'd be out of pocket following a claim."

Prior to the 2024 General Election, Labour announced it would tackle soaring car insurance costs after reports suggested that one million people had cancelled their policies as a result of the cost of living.

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Labour said it would call in the Competition and Markets Authority (CMA) and the Financial Conduct Authority (FCA) to launch urgent investigations into the rising costs.

The Plan for Drivers also called on the regulators to investigate whether a postcode lottery for prices was "unfairly targeting ethnic minorities and those on lower incomes".