Timing can significantly impact your car insurance premiums. According to research, the ideal time to renew car insurance is between 21 and 30 days before the policy expires. At Caura, we recommend 23 days as the sweet spot.

From January to April 2024, Money Saving Expert analysed 1 million quotes atMoneySupermarket, finding the average quote made on the renewal day was £2,277, or £906 when purchased 26 days earlier. That’s a big difference of £1,371 – you might not save that amount, but you will likely face a bigger price if you leave it too late! [1]

Insurers tend to see last-minute renewals as higher risk, leading to higher costs for those who leave it until the last few days to renew. Finder discovered that purchasing your policy at least a couple of weeks from your renewal date could save you between 17% and 42% [2].

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Use Caura to Stay on Top of Renewal Dates

To avoid missing this optimal renewal window, consider using Caura to track your car insurance renewal and renew car insurance. We’ll send you timely reminders at the best times to purchase your policy, helping you secure the best rates without the risk of a last-minute price hike.

With Caura, you can also compare quotes directly, allowing you to avoid the “loyalty penalty” that often comes with auto-renewing through the same provider. This way, you can ensure you’re in the21-30 day window and have a smooth, cost-effective renewal process.

You can also check your best renewal date here.

What if My Policy Automatically Renews?

Most car insurance policies renew automatically unless you choose to cancel, but sticking with the same provider may cost you more in the long run.

Whilst the loyalty penalty has been banned, according to GoCompare [3] many customers still observe their price going up year on year without anything changing.

It's always worth shopping around to see if you can find a better quote. You can use Caura to find quotes from over 170 insurance providers.

Caura’s Top Tips to Save on Car Insurance

1. Get Quotes Early: Aim to get quotes around 21–23 days  before your renewal date to secure the best rates
2. Compare Providers: Switching providers annually helps  avoid the loyalty penalty, which can lead to considerable savings.
3. Input your insurance date into Caura: You can use Caura to get reminders when the best time to renew is, as well as store your documents and get  quotes.

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You can get a quote by clicking here

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Sources

1. https://www.moneysavingexpert.com/insurance/car-insurance/when-to-renew/ accessed 31 October 2024.
2. https://www.finder.com/uk/car-insurance/best-time-to-renew-car-insurance accessed 31 October 2024.
3. https://www.gocompare.com/car-insurance/guide/auto-renewal/#:~:text=But%20this%20'loyalty%20penalty'%20was,pricing%20fairer%20across%20the%20board. accessed 31 October 2024.

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