Drivers told best time to renew insurance to make 'biggest savings'

Motorists can make the "biggest savings” by renewing their car insurance at a certain point ahead of renewal. Experts at Confused.com claim signing up for a new policy three weeks before a current agreement is set to end could be the sweet spot for securing the best deal.

The specialists warn road users could “lose out on great savings” if they leave it too late to shop around for a better deal or just accept the renewal quote offered. The three-week window was crucial to securing a more affordable deal with road users likely to save on their annual bills. Rhydian Jones, Commercial Director and Motoring Expert at Confused.com, explained shopping around ahead of time was likely to pay off.

He said: “Staying on top of your insurance is key to getting the best price.

“You’ll often see a better price if you shop around at renewal time. Even if your renewal price from your insurer is cheaper than last year, it’s likely there will be another insurer out there offering a better price.

“Doing this ahead of time can save you even more too. Our data shows that if you shop around about three weeks before your policy is due to renew, you could benefit from the biggest savings.

“Leaving it too late, or simply accepting your insurer's renewal price could mean you lose out on great savings.”

Data from Confused.com shows that more than half of road users (57%) found their renewal quotes had risen by around £78 in the last quarter.

However, analysis has revealed that shopping around for a new deal meant drivers saved around £71 on average.

One individual previously suggested their insurance quotes had gone from an eye-watering £1,500 per month to just £650 by securing a new deal around 21 days before renewal.

Money Saving Expert founder Martin Lewis has also previously suggested that securing a new agreement three weeks before renewal was the ideal time.

Martin told the BBC: “I often tell people you want to be getting quotes for your new insurance around 21 to 26 days before your current policy lapses.

“Why should that make a difference? Well, actually the type of people who get policy quotes at that time tend to be a lower risk than the people who leave it to the last minute.”