According to comparethemarket.com, if you sort your car insurance 20 days before your renewal date, you’ll pay on average £306 less than those who wait until the day before their current policy expires.
Getting a new car insurance quote on the renewal date itself costs an average of £707, compared with just £401 for drivers who get organised in advance.
Average prices creep up the closer the renewal date gets.
The average cost is £431 if you do it two weeks before your renewal date, £506 a week before and £617 the day before your current policy expires.
December has traditionally been the most expensive month for car insurance because that’s when Brits tend to plan for the year ahead, meaning their policies are renewed close to deadline.
But new rules mean car insurance prices are set to become more expensive in January – so you might want to renew now.
That’s because new rules are coming into place aiming to level the playing field between new and existing customers.
Insurers typically offer better prices to those who lock in their deals ahead of their renewal dates because they are viewed as being more responsible.
Comparethemarket.com director Ursula Gibbs said: “Many people leave it until the last minute, but you can save a considerable amount of money by switching roughly three weeks before your policy is due to auto-renew.”