Is there a perfect time to buy car insurance?

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Written by Michael Foote , founder of Quote Goat, with over 13 years experience working in the finance, insurance and currency sectors.

There have always been rumours of that perfect day, that perfect time of the year when you will get the very best deal on your car insurance. They circulate all the time, along with the rumours of the perfect day to book international flights and the perfect time to book your hotel rooms to receive the best deals. But are there any truth to these rumours?

An MSE investigation in 2019 found that, in fact, applying for car insurance quotes 20 to 26 days before your policy is due to start is the most ideal time to search as it is most likely to present the cheapest deals from price comparison sites.

People searching for quotes during this timeframe saw up to 40% savings compared to searching outside of the 20-26 days. Compare this to those who got their quotes for car insurance on the day that they needed the cover who ended up paying, on average, £546 a year more than those who searched ahead of time.

Obviously there are other indicators that will affect your price, including how much of a risk you are deemed to be due to any driving convictions and past driving experience.

Within those 20 to 26 days, it was found that 24 days is the absolute best time to buy as it continuously offered up the cheapest prices.

Why are prices different on different days?

The space between a user searching for car insurance and the date the policy needs to start is an indicator of risk to a number of insurance providers. And, as we know, risk is something which determines policy costs. Those who are searching well ahead of time are deemed to be more responsible and less of a risk, compared to those who compare car insurance a few days, or even on the day they need cover.





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