Brits could make “massive” savings on an annual cost by renewing on a specific date. Using this method could slash car insurance fees by an average of £1,371.

Car insurance is a legal requirement for operating vehicles on British roads. As a bare minimum, third party coverage is essential, providing safeguards if you’re responsible for an incident causing harm or damage to another person, motor vehicle, animal or property.

For this reason, it might seem like a substantial financial strain. Thankfully, there are strategies you can adopt to obtain the most competitive premium available.

According to experts at Money Saving Expert (MSE), founded by Martin Lewis, there is an ideal window of time for purchasing motor insurance – whether for first-time buyers or policy renewals. They suggest this particular timing could slash expenses by more than 50%.

The MSE website recommends securing quotes several weeks before cover is actually needed. It explained: “The best time to get car insurance quotes is 20 to 27 days before you need the policy to start.

“Your renewal notice from your insurer will show the new price for next year (and the price you paid last year). It’s typically sent around 28 days before your current policy ends. If you do nothing, it’ll usually automatically renew at that new price, so always have your renewal date in your diary to take action.”

More specifically, it’s recommended to request a quote exactly 26 days prior to when you need it. As MSE clarified: “The cheapest time to get quotes is 26 days ahead of your renewal date – making it the best time to get a quote as your cover becomes more expensive the closer you get.”

MSE disclosed that this strategy could save an average driver £1,371 on their annual premium. “Our analysis of over one million quotes from January to April 2024 from MoneySupermarket showed a policy costs an average of £2,277 a year on renewal day,” MSE explained.

“But 26 days earlier the average is just £906 a year, a MASSIVE £1,371 less.”

However, they warned: “In general, the closer to your renewal date you get quotes, the higher risk you’re deemed to be (we’ve heard that it can show insurers you’re a bit disorganised).

“But getting quotes too early, for example, 28 plus days out, can also push the average price up – likely as fewer insurers will provide quotes that early.”

One MSE reader, Hayley, shared her experience: “Renewed three weeks early after your tip.

“It’s gone from a renewal price of £108 a month to £51 a month [saving £684 a year]. Checked the comparisons later and it went back to £100.”

Another reader, Cara, reported her success: “Just did mine (24 days early) – saved over £690 over my renewal price.”

Drivers can further reduce expenses by using MSE’s online car insurance tool, available here.