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Monday, August 2, 2021

The best time to buy car insurance, as shown by a new study

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A new study shows the timing of buying car insurance has a massive impact on the price you’ll pay. Making the purchase too late can hike the price a whopping 29% or more. Luckily, the study reveals a sweet spot for the purchase – it’s cheapest to buy car insurance three weeks ahead of the renewal date.
Timing of buying car insurance

Insurers are cautious of buyers who leave things to the last minute. Thus, buying insurance with a forward-dated start date can save a driver anywhere between 17% to 29% or more. The sample driver in the study could save £262 on average by purchasing their policy 3 weeks in advance of the coverage start date. Some insurers charged more than £1,000 extra for an immediate start date.

In addition to paying a lower price, there’s more selection when looking for a car insurance policy well in advance. The study gathered 46 quotes for a start date three weeks away. However, only 23 of these companies offered a policy with an immediate start date. That means leaving the decision late will severely limit a driver’s choices.

The study by NimbleFins analysed over 200 Ford Fiesta car insurance quotes for a sample 45-year-old driver with a range of start dates from today to three weeks from now.
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The best time to buy car insurance, as shown by a new study
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