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Six tips for cheaper car cover as best day to buy insurance is revealed

Written by: Noora Ismail
Car insurance premiums are on the rise but there are a variety of ways to save including knowing the best day to renew your cover.

Car insurance cover is on the rise, according to the Association of British Insurers, and a spike in car thefts and burglaries is only likely to push premiums higher.

However, there are a variety of way that you can save when it comes to renewing your insurance. And one way is to knwo the best day to do it.

And, according to Go Compare Car Insurance, the best day to renew  is 27 days before the renewal date.

By waiting until the due date, car owners could pay up to 50% more than if they locked in a price four weeks earlier.

Indeed, the data also found that most expensive time to buy your new policy is the day the renewal is due. On average, the longer you leave it to renew your car insurance policy, the more you are going to pay.

Six ways to cut the cost of car cover

However, renewing your policy early is not the only way to help bring down the cost of your insurance. Here are six other considerations that could save you cash.

Shop around for the right quote

Using comparison sites to easily compare hundreds of options before automatically renewing with your current provider is one of the simplest ways to save.

Consider what vehicle is right for you

Vehicles with smaller engines will typically be cheaper to insure with the added benefit of cheaper road tax on average.

Look at administration charges

If you are planning any big changes, consider this when picking your plan. Most providers will allow you to make changes to your details free of charge, but others will take a fee for updating personal information such as a new address.

Consider a telematics policy

This is also known as a black box insurance policy. This collects data from actual driving activity to calculate premiums which could reduce prices as long as you are careful.

Pay annually

If you can, pay annually. Monthly payments can be more manageable, but interest charged over the long term adds to the overall cost.

Improve security

Installing alarms, immobilisers, and locking wheel nuts could reduce insurance costs over the long term. Obtaining quotes prior to any upgrades will help you decide whether the alteration costs balance out the savings made.

Ryan Fulthorpe, car insurance spokesperson for Go.Compare, said: “Being aware of the factors that impact the price of your car insurance is so important, especially at times when we are looking to save money where we can. While other changes may take more time, or come with a cost, simply buying the policy on a different day is a great way to save some money.”

For more ways to save on insurance, check eight ways to save on car and home insurance.

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