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Car insurance best and worst times to buy premium revealed
New car insurance data has revealed that December is the most expensive month to insure your car.
MoneySuperMarket.com found that it was 15 per cent more expensive to insure a car in December compared to in February.
Drivers who chose to insure their car in February could save £99.65 on average compared to just two months earlier.
The price comparison website analysed over seven million car insurance quotes between January 2015 and October 2017 to identify trends and price fluctuations.
The average full comprehensive policy taken out in December 2016 cost £644, while in February 2018 it cost £544.43.
It was a similar story in the previous year for the same two months.
Savvy car-buyers often wait until December to track down a bargain
Kevin Pratt, consumer affairs expert at MoneySuperMarket
Those who took out a policy in December 2015 paid £582.26 for a fully comprehensive policy, compared to £496.01 just two months later in February 2016 – a saving of £86.25 or 14.81 per cent.
Premium prices have risen on average by nine per cent over the past two years, reveals the new data.
Kevin Pratt, consumer affairs expert at MoneySuperMarket, commented: “Savvy car-buyers often wait until December to track down a bargain - they know dealers will want to maximise sales before the end of the year, and so might be willing to offer a deeper discount than at other times.
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How to reduce the cost of your car insurance
“But the downside to this tactic is that insurance is more expensive in December, eating into your purchase price savings.
“It pays not to settle for the price you are quoted by your existing insurer at whatever time of year, but especially in December.
“If you use a price comparison site such as MoneySuperMarket to shop around, you’ll see dozens of quotes from leading providers, and the likelihood is you’ll have a wide selection that are quoting less than your present insurer.
“We calculate most people can save £286 by switching insurer at renewal.”
FAQs
California's minimum car insurance requirements are $15,000 for bodily injury liability per person, $30,000 for bodily injury liability per accident, and $5,000 for property damage liability per accident or 15/30/5. How do I obtain car insurance in California if I'm a high-risk driver?
Why are older cars cheaper to insure? ›
Typically, it's cheaper to insure older cars because they're less valuable, meaning they'll cost less to repair or replace should you file a claim.
What is the cheapest car insurance group? ›
So it's important to understand insurance groups – after all, there are 50 of them in total. Cars in group 1 are the least risky from an underwriter's perspective and the cheapest to insure. Those in group 50 are the riskiest and most expensive – usually higher performance models and luxury SUVs.
Who is cheaper, Geico or Progressive? ›
Both of these auto insurers are reasonably priced, with premiums that are generally lower than the national average for most types of drivers. However, in a side-by-side comparison, Geico is usually the cheaper of the two, on average.
At what age is car insurance cheapest? ›
Car insurance is the cheapest for drivers between the ages of 35 and 55. Car insurance is very expensive for teens because they have a high risk of accidents, and then it decreases sharply as drivers age into their 20s and develop more reliable driving habits.
How would raising the deductible on car insurance affect insurance premiums? ›
With a higher deductible you'll pay more out of pocket, but your car insurance rate will be lower. Voice Over: With a lower deductible your rate will be higher, but you'll pay less out of pocket.
What is an insurance minimum? ›
Minimum Liability Insurance Requirements for Private Passenger, Commercial and Fleet Vehicles. Here are the minimum liability insurance requirements (per California Insurance Code §11580.1b): $15,000 for injury/death to one person. $30,000 for injury/death to more than one person. $5,000 for damage to property.
What is the best bodily injury coverage? ›
Financial experts recommend that you carry at least $100,000 in bodily injury liability coverage for one injured person and $300,000 to pay the expenses of multiple victims in an accident.
At what point is full coverage not worth it? ›
Between 10 and 15 years after a vehicle's model year, full coverage is a poor investment. While the cost of full coverage by itself likely won't be more than what a car is worth, the cost of insurance is more likely to be higher than the value of the car after an accident.
Should you keep full coverage on a paid-off car? ›
Once you've paid your vehicle off, you're no longer subject to any insurance requirements other than your state's minimums. If you want to drop some types of coverage to save money, that's up to you. Either way, have your insurer remove the lender as a lienholder on your policy.
USAA, Nationwide, Travelers, Erie, Geico and Progressive are the cheapest car insurance companies nationwide, according to our analysis. Car insurance costs are continuing to climb this year. To help you find the lowest rates for your needs, we assessed rates for various ages and driver profiles.
What cars are hard to insure? ›
In general, some companies may also refuse to sell a policy, or have restrictions on providing insurance, for vehicle types with the following general characteristics: vans carrying 12 or more passengers, camper vans, cargo vans, step vans, commercial use vehicles, customized / modified construction, those of ...
Are white cars cheaper on insurance? ›
“Though car color usually will not have an impact on your car insurance rates, white, black, blue, and red cars are usually more expensive to purchase across the board as they are very popular colors,” InsuranceQuotes.com added. “Popular car colors may be more expensive as the demand for them is higher.”
Is $500 a lot for car insurance? ›
Yes, $500 a month for car insurance is very expensive. The average cost of car insurance ranges from about $60 per month for state-minimum coverage to $166 per month for full coverage, though individual car insurance rates vary based on factors such as driving record, age and location.
What are the best 5 car insurance companies in Illinois? ›
Best Car Insurance in Illinois. We recommend Travelers, State Farm, Geico, Country Financial and Pekin Insurance as the top five best car insurance companies for Illinois drivers.
