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Such a simple method - yet it could save you £££s!!

Three years ago we discovered that by getting quotes from a price comparison site, and then booking your car insurance a month ahead of the expiry date of your current policy, you could save money - but probably only a fairly small sum, with an average benefit of just over £11.00. Our latest test in November 2020 has shocked us though; the average saving from our test panel of motorists had risen to a massive £78.58!!

How did we find this out?

We created details of 50 motorists with different cars, postcodes, occupations, marital statuses, ages, lengths of driving experience and no-claims histories, and compared quotes for them on moneysupermarket.com. We ignored included extras such as courtesy cars, legal representation etc and compulsory excesses since most of our visitors are only interested in finding the cheapest quotes.

You can see our test results by clicking the button below.

Is this crazy?

Not to the insurers, it's not. We reckon they have three good reasons for doing this:

Someone who gets quotes 30 days before their renewal is due is probably just window shopping. To get this person to buy could mean having to offer the best possible price.

Conversely, if the renewal is due today or tomorrow there is much greater urgency to make a decision; some of the insurers figure that they can get away with charging a bit more to someone who has little or no time left to shop around.

A driver who leaves a renewal until the very last minute may be (a) short of money, in which case basic car maintenance may be skimped on or (b) is a pretty disorganised person. Both of these may be a bit riskier to insure than the average person.

Did they ALL save money?

No. In several cases there were no differences between the figures for buying a policy today, and for getting it in 30 days. In particular the insurer Right Choice didn't seem to mind either way but those who could have saved money benefitted from savings from £0.97 right up to a massive £447.63!

There were two anomalies however. For motorist number 7, leaving the purchase until the end could have actually saved £2.24, Not a huge sum. However for motorist number 8 could have have saved £332.74 by booking at the last minute, rather than a month before!

Doesn't this disprove your theory then?

I admit we were puzzled by this at first but when we checked this person's details the address we had picked at random was in a B11 postcode. This is generally recognised as being the second worst one in the UK for third party claims and alleged insurance fraud. This may be the reason for the anomaly.

To find out how much of a difference this postcode made, we tried another price comparison for this person using identical details but giving an Aberdeen postcode instead of a Birmingham one. The results were amazing! The lowest quote for booking a day ahead fell from £1,486.56 to £516.77, and for booking 30 days ahead it went from £1,819.30 to £380.51; a saving of £136.26 on the new figures, but at about a fifth of the cost of the original quotes. This shows the huge difference that a motorist's address can make to the cost of insuring a car. If you want cheap insurancedo not go to live in Birmingham!

The best way to save money is still to compare LOTS of prices!

Finally: Click here and compare lots of very cheap car insurance quotes!



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