Motorists warned of 26-day countdown or face hefty car insurance renewal fee

Millions of motorists are facing price hikes as the cost of renewing their car insurance increases. The cost of your car insurance premium will depend on a variety of factors. This includes your age, driving history, the type of car you drive – even your zip code.

As many drivers will know, car insurance is a mandatory legal requirement for anyone who gets behind the wheel. A comprehensive car insurance policy (often called comprehensive or fully comp) gives you and your car the highest level of protection – an option that many opt for.

In addition to covering you for third-party damage to another vehicle or person, this form of car insurance also covers fire, theft and damage to your vehicle. This is regardless of whose fault it is.

Despite some taxes coming down in price, some have remained high, with many struggling to afford it despite the need to have it. According to thetimes.com, Tom Jackson of consumer website GoCompare said: “While it’s good news that premiums are starting to stabilize, the cost of car insurance is still on average £100 more than it was at this given last year. This means it is more important than ever for policyholders to get the best deal.”

However, to save money, there is a 26-day sweet spot that you can use to secure the best deal. The Times reports that you can often get a quote to renew your insurance about a month before your coverage ends. However, they state that consumer website GoCompare says you should do this 26 days before the new policy starts.

Experts state: “The closer you get to your renewal date to get a car insurance quote, the higher the cost of the premium tends to be,” adding that “the best time to renew is usually three to four weeks out before your policy ends’.

When it comes to renewal, auto experts add that you shouldn’t wait until the last minute. Their data shows that car insurance prices often rise closer to the renewal date and are at their peak in the week leading up to it.

They explain: “This is likely because insurers see people who wait until the deadline to buy cover as a higher risk. Closing your coverage on time, on the other hand, could indicate that you’re an organized and responsible person. So you are more likely to take care of your car and be a responsible driver too.

“Customers may also feel under pressure to buy a policy quickly near the renewal date and be more willing to accept higher costs when time is running out.”

The 26-day sweet spot is also supported by Money Savings Expert (MSE) Martin Lewis, who says: “Most car insurance policies last 12 months, with a new price calculated for the following year around a month before its conclusion. it shouldn’t auto-renew because you’re likely to pay more than you need to.

“You should always compare prices and we have found that the best time to buy car insurance is 20 to 26 days in advance as this is usually the cheapest.”