Thousands of drivers could save money by renewing their insurance right now

If the time is drawing near to renew your car insurance, then now may be the perfect time to compare.

New car registrations are released twice a year in March and September, which makes these months some of the busiest of the year to buy or renew car insurance. If you’re one of the many that have their renewal date in September, then right now may be your window to save on your car insurance renewal.

Research has shown that the cheapest renewal quotes can be found around three to four weeks before your policy’s expiry date, so now is the perfect time to shop and compare prices. MoneySuperMarket customers save up to £526* on their car insurance premiums when they shop with us and can secure the best deal with our competitive Price Promise**.

_{*51% of consumers could save up to £526.74 Consumer Intelligence, June 2024 Exc NI, CI, IOM
**Restrictions and T&Cs apply, for more details visit https://www.moneysupermarket.com/price-match/terms/}

When should you renew your insurance?

The best time generally to renew your car insurance policy is between 20 to 30 days before your renewal date, with the sweet-spot being between 20 and 27 days before the due date according to money-saving expert Martin Lewis.

On the other hand, renewing your insurance any later than 20 days before your renewal date means you might see the price of your policy go up. Insurers are likely to increase the price of your car insurance premiums if you wait too long to renew your policy as those that tend to renew at the last minute may be considered a higher risk to insure.

Also, considering car insurance is a legal requirement to drive in the UK, exposing yourself to the risk of being uninsured doesn’t put you in a great position to bargain with insurers.

Don’t have a renewal date in September?

Even if your policy isn’t due for renewal, there may still be savings to be made this time of year. September falls at the end of a financial quarter, when insurers are more likely to offer discounts to boost sales, so it’s still worthwhile to compare car insurance quotes anyway.

You might find out there are savings to be made by cancelling and swapping to a new policy. Or, if you don’t want to switch providers, you can sometimes use cheaper quotes from other providers to haggle for your renewal price.

If you are going to cancel your current car insurance policy, however, be aware that you will need to pay a cancellation fee.

You can find out more about renewing your car insurance in our guide to ‘The best time to renew your car insurance’.

The risk of auto-renewing

Auto-renewing your car insurance policy is the most convenient option to stay insured, especially if you tend to forget your car insurance expiry date. However, when you auto-renew you can miss out on some serious savings.

Insurers will usually send you an email or letter a month before your insurance is about to expire and notify you if your policy is set to renew automatically, which gives you time to stop an auto-renewal if you want to shop around instead.

But, instead of relying on your insurer to inform you, it’s worthwhile to set a reminder for yourself around a month before your renewal date to start considering your options. And if you struggle with remembering your insurance details, MoneySuperMarket SuperSaveClub members can use our policy hub to keep track of their policies and easily compare quotes if they decide to switch.