You could save more than £500 on your car insurance by buying it 3 weeks before it starts
BRITISH drivers could almost halve how much they spend on car insurance by sorting their policy three weeks before it ends.
Motorists who wait until the day they need to get a new policy typically pay hundreds more than necessary, a new study has found.
A recent investigation by reveals motorists could save up to 40 per cent on their annual cover by sorting their policy 20 to 26 days before it starts.
The study analysed more than 50 million quotes over the past year to find the ideal time to buy insurance.
On average, the cheapest quotes of £672 are available when you buy them 24 days before the start date.
You can also get significant savings by getting your cover a day or two either side of the 24 mark.
But drivers who hold fire and get insurance the day they need it to start face paying £1,218, which means they are spending £546 more a year than buying it at the optimal time.
Even sorting your insurance too early can see you overpay for your cover.
According to the figures, drivers who take out a policy 30 days in advance will spend £388 more on average than buying on the cheapest day.
Martin Lewis, founder of MoneySavingExpert.com, said: "We've analysed 50 million quotes to find the new sweet week for car insurance is 20 to 26 days before your renewal is due – this can cut your costs by nearly 40 per cent
"This is a shift from before, when 21 days came out top on its own.
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"This isn't about sticking with your existing provider though, which often results in paying more in its own right, it's about finding a new one.
"Insurers have admitted to us that quite simply drivers who leave it until the last minute are statistically riskier, therefore they pay more."
Earlier this year, we revealed Brits could save £500 on their car insurance each year by installing a black box in their motor.