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New study reveals how drivers could easily save 12% on their premiums

14 August 2017
  • New independent research reveals how drivers can save 12% on their premiums
  • Buying just a week before your policy start date instead of leaving it until the due date resulted in cheaper quotes in 89% of cases
  • Young drivers in particular could see huge savings of up to £265*

A new independent study from GoCompare has revealed that drivers could beat rising premiums and cut their insurance costs significantly, just by buying cover sooner and not leaving it until the last minute.

According to new figures from the comparison site, 89% of drivers would see cheaper quotes if they shopped around a week before their policy start date, rather than leaving it until the day itself.  On average, drivers could save 12% –or £76 – on their insurance, just by buying their policy seven days before it was due to start.

The unique study was carried out by the specialist, independent insurance and finance research team at Consumer Intelligence.  The study looked at 200 individual risks and compared the real premiums offered by insurers at six different periods in the month before the policies were due to start.

The results were staggering, with 89% of drivers potentially getting cheaper cover by buying early.  While the best savings were found a week before the start date, there were also substantial savings of 11% to 12% to be made throughout the month leading up to it.

It is only on the day before the start date that the picture changes, as insurers start to increase their prices.  As a result, average savings reduced to £45, or 7%, although 70% of drivers still saw a saving.

Mark Gutteridge, from GoCompare Car Insurance said; “Car insurance is one market where leaving it until the last minute in the hope of getting a bargain, definitely doesn’t work. So getting next year’s insurance over and done with early, could see drivers potentially save a significant amount of money.

“This is great news for drivers – especially those who pay a lot more for their car insurance – for example, younger drivers. According to GoCompare data, the average premium for an 18 year old driver is £2,100, meaning a twelve 12% reduction could represent a massive saving of as much as £252.

“Drivers need to be alive to the fact that insurers are finessing their pricing this way and that leaving things until the last-minute could be costing them more than they might think.  Armed with this new insight, drivers can get one over on their car insurer to get themselves a better deal.

“If you leave buying your insurance until the last minute you will limit your choices and end up having to take the price offered to you. So plan ahead a little and you could shave a significant amount off your annual premium without sacrificing cover.”

To find out how much you could save on your car insurance, visit GoCompare.

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Notes to editors:

*Based on GoCompare data the average premium for a 18 year old driver between Jan – Jul 17 was £2,209. 12% = £265.