The below graph is from an analysis of over 1 million personal motor quotes from January to April 2024 with a very popular insurer. We’ve found out that drivers could save up to 35% on their policy, just by buying three weeks before their renewal date. This doesn’t only apply for those with private motors, those seeking quotes for commercial vehicle and truck policies must also be aware of the effect on their premium their efficiency may have. Many factors could affect the premium of your insurance such as:
· Individual circumstances
· The date your vehicle was bought
· Annual mileage
· The value of your vehicle
However, the date your policy is purchased can also have a very large impact. The graph below is a presentation which shows how an insurers premium alters based on a policyholders ‘risk’. Buying your car insurance a few weeks before you need it suggests you’re more careful and organised, whereas leaving it to the last minute means you’re seen as higher risk, with some insurers telling us they’ve seen a direct link between drivers who leave sorting their vehicle insurance to the last moment and a higher number of claims. On average 20 to 27 days ahead therefore is the best time to arrange your insurance. And if you’re wondering why those 30 days in advance seems to be penalised for their efficiency – this is simply because not as many insurers are quoting this far in advance!