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.