Martin Lewis urges drivers to renew car insurance during one specific week and save hundreds
Martin Lewis has urged drivers to ensure they save money by renewing their car insurance at a certain time
GETTY/PA
Drivers are being warned of the "busiest" period for car insurance renewals in the coming weeks, as money saving expert Martin Lewis called on drivers to act quickly to save money.
With the release of car number plates every March and September, Martin Lewis highlighted how these months tend to be the busiest for car insurance renewals.
Despite this, he told motorists that the cheapest time to find the best car insurance prices would be between three and four weeks before their renewal, which would be now for people who see their policy expire next month.
He suggested that drivers can do a price check to see if they are overpaying for their car insurance policy, potentially saving them hundreds of pounds a year by cancelling and renewing early.
Do you have a story you'd like to share? Get in touch by emailingmotoring@gbnews.uk
Drivers are continually told to haggle for their car insurance prices
GETTYAfter analysing more than 1.2 million car insurance quotes, the money saving expert team found that the optimum time to save money before their coverage starts is 26 days before renewal, with large savings being seen between 20 and 27 days.
According to Confused.com, the average price for a car insurance quote is £882, a drop of more than £100 since the last quarter of 2024 when prices were almost £1,000.
While prices are starting to fall, many motorists are still dealing with expensive costs as insurers are facing higher prices to pay out on claims.
Some drivers are facing the brunt of the costs more than others, with 18-year-olds paying an average of almost £3,000. These prices will rise even further if they live in Greater London.
Drivers are also consistently told never to auto-renew their car insurance policies as they could be missing out on major savings if they do not shop around with other retailers to see if they can get a cheaper deal.
The latest MSE newsletter urged motorists to avoid the annual "price-walk" which sees insurers inflate prices at each renewal, so after a few years, they would be paying a massive loyalty premium.
One MSE subscriber, Daniel, said the initial renewal quote he received from his car insurance provider was for a staggering £973.
He added: "However, I got a quote from them for £568, so I cancelled my renewal and joined up as a new customer. Same company, around £400 cheaper. Thank you."
Motorists can also haggle with their insurance provider to try and get a cheaper price by finding a cheaper quote elsewhere and asking their insurer to match it.
The MSE website suggests that drivers should do it close to their renewal date so the polite threat of losing their custom is strong, as well as getting an actual quote to use as the benchmark.
Recent data from Money Saving Expert revealed that over 70 per cent of Admiral, AA, Churchill and Hastings Direct customers said they were successful in haggling for a cheaper price.
Another MSE user, Karen, told the financial experts: "My car insurance renewal price was up by over £250 per year.
LATEST DEVELOPMENTS:
Some drivers have been forced to cancel their car insurance cover because of expensive costs
PA"Normally I just auto-renew, but I went with Martin's haggle tip and found a quote online, which was actually slightly cheaper than I'm paying now, and my current insurer matched it! Thanks for the tip!"