Money Saving Expert shares exact date to renew car insurance and 'halve' the cost

Finance experts have revealed the best date to renew your car insurance to save serious money. According to the team at Money Saving Expert (MSE) following this advice could "halve your price".

Car insurance is just one of several expenses that come with being a driver. While it is there to help you in case of an accident, damage, or theft, it can feel like a costly burden.

With this in mind MSE, the consumer advice site launched by Martin Lewis, shared some top tips on getting the best price. Something you may not realise is the date you choose to renew your insurance has an impact on the price.

The MSE team said: "September's a busy time for car insurance renewals as it's a new car registration month. Yet the best time to find the cheapest quotes is three to four weeks before renewal, so right now if your policy's up next month."

Going into the specifics it shared when to renew your insurance to get as much as 50 per cent off. Apparently, applying exactly 26 days before the renewal is due is the "sweet spot".

"The sweet spot to get quotes which could halve your price," MSE said. "We analysed 1.2m quotes to find the optimum time before you want your cover to start to get quotes from new firms.

"The data shows it bottoms out at 26 days before renewal, though any time between roughly 20 and 27 days should do the job. The key's to avoid leaving it till the last two weeks, as that's when prices really skyrocket, and possibly even double.

"This is because insurance is priced on risk, and providers' "actuarial charts" apparently show those who renew last-minute are often a higher risk. Now this is about averages, so it won't work for everyone, but many will be able to save £100s."

One consumer followed this rule and was able to save £450. Rob emailed MSE in June and said: "Martin, I won. I recently had a renewal quote for my car insurance which was overly expensive.

"I followed your advice 26 days before (sweet spot) and used comparison websites. My insurer couldn't match any of the quotes. Thanks to your advice, I have saved over £450 a year on my car insurance. I'm so delighted."

As well as sticking to this rule, you can use the MSE cheap car insurance comparison tool here. MSE added: "Fill in just one questionnaire via our Compare+ Car Insurance tool.

"It gives you cost-cutting tips as you answer, shows your cheapest insurers from the comparison as a benchmark as well as the cheapest time to buy, and whether to add extra drivers, check other comparisons and more."