Most car insurance policies are due for renewal on an annual basis and, with effect from the 1st April 2017, insurance companies are legally obliged to tell their motor insurance policyholders in the renewal documentation how much their premium was over the last 12 months so that they are better able to compare it with what they are being asked to pay for the next year.
When is it the most appropriate time to switch car insurance providers?
Around 40% of motorists move their car insurance to another provider at renewal each year. Presumably, most do so to save money. There are no doubt a lot of drivers who just don’t bother to take the time to try to get a better deal elsewhere.
The price comparison website comparethemarket.com has published some interesting findings relating to when the best time is to switch insurers.
Well, their research has revealed that the best time to consider switching insurers is about 3 weeks before their existing cover expires. It is estimated that the average saving by taking such action at that time is in the region of £349 per annum when compared with waiting until the date of renewal on their policy. We are sure that you will agree the above is a significant saving.
It is a shame that it is estimated that 23% of motorists do not switch insurance companies until the date of renewal. In doing so, many would appear to be missing out on a considerable saving.
Perhaps some people are put off comparing the cost of car insurance with a number of providers because they believe that there is a lot of administration and time taken up in transferring insurers. This is not the case. It is really quite quick to obtain a number of quotes as well as details of the cover available from a number of insurers by using one or more price comparison websites and it is usually a straightforward process to transfer the cover to another insurance company.
