Most car insurance policies last for 12 months. Around month 11, insurers usually work out your price for the next year. Some policies renew automatically, but renewing before your renewal date can sometimes mean a cheaper price.
Our guide explains the best time to renew car insurance and how you may be able to save money.
EASY AS HACK
Try checking your renewal price around 3 to 4 weeks before your policy ends – this is often when renewal quotes may be cheaper.
At a glance - renewing insurance
how does traditional car insurance renewal work?
A traditional car insurance policy runs for 12 months. The price you pay will stay the same for the duration unless your details change – for example, buying a new car, moving house or making a claim.
Usually, you’ll be sent a renewal notification 28 days before your current policy expires. This gives you the chance to take a good look at your policy, decide whether it still meets your needs and make changes if necessary. For example, you might want to switch to a comprehensive car insurance policy, that also includes Third party, Fire and Theft cover.
When is the cheapest time to renew car insurance?
Renewing car insurance usually becomes more expensive the closer you get to your renewal date. Renewing early – around 3 to 4 weeks before your renewal date - is often one of the cheapest times to renew.
Some insurers may offer discounts at the end of a financial quarter, although this can vary.
Why does the cost of car insurance often increase at renewal?
The cost of car insurance may be more expensive closer to your renewal date for a number of reasons:
- If you’ve added more drivers to your policy over the course of the 12 months, you may find this has increased the price of your insurance, particularly if they are new drivers.
- The price may also increase if you’ve made a claim over the course of the year.
- Changes in the wider world, such as rising repair or part costs, can also affect renewal prices.
When is the most expensive time to renew my car insurance?
The most expensive time to renew car insurance is usually right before the policy expires, with prices often rising about a week before the deadline.
Insurers may view last-minute renewals as higher risk compared to early renewals, and customers under time pressure are often more willing to accept higher prices.
Ageas data shows that prices can vary for each customer, but renewing earlier gives you more time to compare options and find a price that works for you.
how can i save money on my car insurance renewal?
There are lots of things you can do to save money on your car insurance renewal.
- Increasing your voluntary excess is a good way to get started. Voluntary excess is the amount of money you choose to pay towards the cost of an insurance claim. This is in addition to the compulsory excess set by the insurance company.
But you have to be sure you could afford to pay a higher excess if there was a claim on your policy. - You can also save money by avoiding adding optional extras to your policy that you don’t really need.
- Adding an experienced driver to your policy as a named driver can also help you save money, although adding an inexperienced driver could raise your premium.
Are there ways of saving money on my car insurance once I’m insured?
A simple way to save money once you’re insured is to avoid making modifications to your car, such as fitting it with alloy wheels.
Building up a no claims discount can also help save you money when it’s time to renew.
Improving the security on your vehicle, such as adding extra locks, security cameras and GPS tracking, could help reduce your insurance costs.
Find out more about Ageas Car Insurance
FAQs
can i switch car insurance after a renewal date?
You can switch car insurance after your renewal date, but there may be a cancellation fee. With Ageas you can cancel during the 14-day cooling off period without a fee. This starts from either the date you bought your policy or the date you received the policy documents (whichever is later).
You can switch car insurance after your renewal date, but there may be a cancellation fee.
can you stop your car insurance from auto renewing?
To stop your car insurance from auto – renewing, you can contact your insurer and ask them to turn off automatic renewal.
can you get a cheaper renewal if you switch providers?
Switching providers may help you find a cheaper renewal quote, although it isn’t guaranteed.
