Motorists are being urged to renew their car insurance in the “renewal sweet spot” which could see them save around 45 per cent on their total costs.
Experts have informed drivers that they could potentially save as much as 50 per cent if they renew their policy at a certain time before their policy expires.
Car insurance prices have been rising rapidly in recent years, with drivers paying an average cost of around £900 or more than £3,000 for those under the age of 20.
With little evidence of prices falling drastically in the coming months, experts are calling on Britons to take matters into their own hands and slash their expenses.
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Motorists are constantly encouraged to compare their car insurance premiums
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According to insurance from Quotezone, drivers could end up saving hundreds of pounds a year if they renew their policy 15 to 24 days before it is due to expire.
Drivers often make the mistake of forgetting to renew their insurance policy until the last minute, which 62 per cent of people admit to doing.
Instead, when renewing, drivers should try to get a new policy 15 to 24 days before the policy is due to start, with average savings of between 33 and 45 per cent.
This will give them plenty of time to shop around between insurance providers to find the best price for the policy that best applies to them.
They will also be able to compare quotes from multiple insurers which can help them switch to another provider or stay with their existing insurer.
Greg Wilson, founder and CEO of Quotezone.co.uk, said drivers needed to make sure not to overpay for their premiums, especially at a time when prices are so expensive.
He continued, saying: “Some of the most common costly mistakes drivers make are letting their policies renew automatically, not shopping around for better deals and leaving it to the last minute to purchase the policy.
“Drivers generally get notified a month before the policy is about to expire, and that’s the perfect time to start shopping around and comparing different providers – purchasing 15 to 24 days before the policy start date for the largest potential savings.”
The expert added that another mistake that drivers often make includes allowing their policy to automatically renew as it means they could be missing out on major savings.
Motorists should also ensure that they only pay for what they actually use, including removing cover that they do not require.
Britons can also cut their costs by improving the security of their homes and vehicles which makes them seem more considerate to insurers, as well as making use of multi-car discounts.
Wilson acknowledged that price comparison websites can often simplify the renewal process for motorists and show them multiple suitable offers for the cheapest prices.
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Britons can add security measures to protect their vehicles and lower their insurance costs
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He concluded: “If possible, it’s also best to pay the entire annual premium upfront to save on interest payments and even consider adding an experienced driver to the policy – just be careful the main driver actually drives the car the most.
“When looking for affordable insurance, it’s important for drivers to make sure they are not sacrificing protection in the event of accidents or unexpected situations.
“And remember, drivers must never give inaccurate information to help lower costs, this could void the coverage entirely.”