Alicia Hempstead, car insurance expert at MoneySuperMarket, suggested road users needed to be “proactive” to secure the best rates.
Drivers are being told to act in a “sweet spot” to get car insurance savings. Alicia Hempstead, car insurance expert at MoneySuperMarket, suggested road users needed to be “proactive” to secure the best rates.
She said: “Many drivers leave renewing their insurance until the eleventh hour, but our data shows that being proactive really pays off. Your renewal notice usually lands around a month before your policy ends, and this is your window to act.”
New research has suggested that millions of drivers across the UK could be missing out on huge savings because they are waiting last minute to choose a new policy.
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Those who shop around for their next policy between 21 and 28 days before their current plan ends could save £300 or more compared to people who wait until the day their coverage runs out.
Alicia said: “The sweet spot for renewal is typically 20 to 27 days before your policy ends – and shopping around during this window could save you around £300. Insurers tend to view drivers who compare premiums early as more responsible, which can translate into lower costs.”
Temporary car insurance has become a popular option for motorists across the country in recent years.
Highlighting the purpose of this type of coverage, the RAC said: “Temporary car insurance is a flexible, short-term policy that provides cover from as little as an hour up to 30 days.
“It’s an affordable solution if you’re borrowing a car, sharing driving duties or going on a work trip. You can get insured and start driving within 15 minutes, paying only for the time you need.
“If you need protection for longer, you can extend your cover online.
“This insurance can also be taken alongside an annual policy, and the vehicle owner’s No Claims Discount is protected if a claim is made.”
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.