February is one of the cheapest months to buy car insurance
Analysis of 49 million car insurance quotes from 2013 and 2019 revealed that February and August are the cheapest months to buy cover.
The research from comparison site MoneySuperMarket revealed that these months have been the cheapest three times each, for six out of the previous seven years.
In 2017, February was the cheapest month with premiums costing an average of £544 – a saving of 10% or £62 compared to the most expensive month, November, when the average policy cost £606.
Motorists who took out a fully comprehensive policy in December 2016 paid £644 – £100 more than they would have paid had they had bought their policy just two months later.
The figures also reveal that the average cost of fully comprehensive car insurance premiums has continued to rise, from £435 in the last three months of 2013 to £503 in the last quarter of 2019 – an increase of £68 (16%) over the seven year period.
Young drivers are hit with the highest costs when getting their cars on the road. Those aged 20-24 pay an average of £1,008, while those aged 17-19 pay an average of £995 for a fully comprehensive policy.
At the other end of the scale, drivers aged 65 and over pay an average of £286 – three times less than drivers in the 17-19 and 20-24 age groups.
Emma Garland, data scientist at MoneySuperMarket, said: “People purchasing a car often wait until December to secure a bargain, as dealers try and lock in sales before the end of the year. The only downside is that it is generally the most expensive time to buy a car insurance policy.
“Our data shows that February and August are typically the cheapest months to buy car insurance. This could be because fewer cars are bought, due to people holding off for the new vehicle plates that are issued in March and September.
“Not everyone will have the choice to take out a policy in February and August, but there are still ways to make significant savings. Always shop around at the time of renewal to ensure you get the best deal for you – doing so could save you £270.”