Want to save on car insurance? Timing your purchase can make a huge difference in your costs, so plan ahead to keep more cash in your pocket
London: Timing is everything when it comes to car insurance. If you buy or renew your policy at the last minute, you could end up paying a lot more. Seriously, it can cost you over £500 if you’re not careful.
Research shows that if you wait until the day your insurance starts, you might pay up to £202 more than if you had sorted it out 21 to 26 days in advance. That’s a big difference!
And don’t forget about monthly payments. Unless you find a special interest-free deal, paying monthly can add another £267 to your total due to interest. Ouch!
So, if you make these two common mistakes, you could be looking at an extra £534 a year for your car insurance. That’s just money you could be saving for something fun!
Experts from Number 1 Plates say that insurance companies see last-minute buyers as a higher risk. If you plan ahead, it shows you’re responsible, which can lead to lower rates.
Also, annual policies are usually cheaper. When you pay monthly, it’s treated like a loan, and interest can really add up. Paying annually helps you dodge those extra charges.
To get the best deal, try to buy your policy at least 21 days before it starts. Paying annually is a smart move, and don’t forget to compare quotes from different sites to find the best rate.
Double-check your policy details too. Make sure your mileage and usage estimates are spot on to avoid any surprises.
A spokesperson from Number 1 Plates said, “Too many drivers overpay for car insurance without realizing it. By buying early and paying annually, you can save hundreds of pounds. These small adjustments make a huge difference, and it’s something every motorist should take seriously.”
