Drivers urged by Money Saving Expert to buy car insurance at a ‘perfect time’

Martin Lewis warns viewers about drastic car insurance changes

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Martin Lewis’ MSE has told motorists when to take out car insurance if they want a cheaper policy. A probe by the consumer’s rights website found quotes are cheapest 20 to 26 days before the policy starts.

Drivers can make savings of up to 40 percent by sorting the policy in advance.

However, being overly organised and getting car insurance too early could also leave motorists paying more than they need to, AberdeenLive reported.

There are regular spikes in online searches for car insurance in September and March when new car registrations are released.

So, for those looking to take out or renew a policy for September, now is the perfect time to sort it out.

The research is based upon an analysis of 70 million car insurance quotes obtained from three of the biggest price comparison websites – Compare The Market, and MoneySupermarket.

It showed all three websites had near-identical trends in pricing, with an optimum time to buy car insurance.

Other factors that determine the size of the quote include how much of a risk a driver is deemed to be, and when the highest number of insurers will provide quotes.

By timing the purchase well, one woman said she saved £190 while securing a better cover.

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Sandra said: “Renewal quote for my daughter’s insurance was £1,300.

“Quote 30 days prior £995. Checked again 24 days prior to renewal: £805 – with improved benefit of protected no-claims. Thank you.”

Money Saving Expert encourages people to shop around for the best deals on car insurance, as well as being mindful of the 20 to 26-day time slot.

The website also says motorists may be able to save money by switching their car insurance mid-term.

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As long as they haven’t claimed, drivers will likely pay an admin fee of around £50 to switch to a different cover while they can get the rest of the year refunded.

MSE said: “The majority of policies won’t be due for renewal in the next few weeks.

“Yet even if yours isn’t, it’s worth checking now if you can find a cheaper quote than what you currently pay.”

One reader called Holly, who switched mid-year told the website: “Just wanna say thanks for your emails.

“I wouldn’t have thought to cancel my car insurance policy mid-year and start a new one – which is £300 less a year.”

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