 more expensive compared to a year ago. 2 Experts say the best time for drivers to renew their car insurance is 23 days before the existing policy runs out Credit: Alamy The jump is the biggest yearly price increase on record, the price comparison site said. The average cost of a premium is now £776, with car insurance the third highest household bill in the UK after energy and council tax. Premiums also soared by £119 - 18 per cent - in just the last three months, the price comparison website found. The finance wizards at Money Saving Expert say the cheapest time to get a quote is 23 days before it needs to be renewed. You should get a quote 20-26 days before your current policy runs out and your insurance provider should send you a renewal notice around 28 days beforehand However, if you get a quote more than 28 days in advance this could push prices upwards. Analysis of more than 70million quotes from the four biggest price comparison sites Compare the Market, Confused.com, Gocompare and MoneySupermarket – revealed a policy cost an average of £1,198 a year, if done on the renewal day. However, quotes that were give 23 days earlier had an average of £694 a year, making a sizeable saving of £504. Jenny Ross, editor of Which? Money, said: 'Car insurance premiums reaching record highs comes at the worst possible time for consumers already battling cost pressures in a number of other areas, and motorists may be wondering whether insurers passing on increased costs is justified at this time. 'The Financial Conduct Authority's new consumer duty will mean that insurers need to be able to demonstrate the products they are selling offer fair value.){kind=link}
THE best day to renew your car insurance has been revealed as premiums soar – and you could save hundreds of pounds.
New research from Confused.com has found the average price of a policy is now £222 (40 per cent) more expensive compared to a year ago.
The jump is the biggest yearly price increase on record, the price comparison site said.
The average cost of a premium is now £776, with car insurance the third highest household bill in the UK after energy and council tax.
Premiums also soared by £119 – 18 per cent – in just the last three months, the price comparison website found.