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Find out the cheapest time of year for buying car insurance

Eleanor Newis
Dec 6, 2018

The average policy taken out in February costs £475.60 compared to £560.80 in December.

Motorists who take out a fully comprehensive policy in December are paying an average of £85 (18%) more than those who buy the same policy in February, just two months later.

New research analysed insurance quotes made between January 2013 and October 2018.

This difference in price over just two months has been happening for the past five years, and could represent a way to knock a bit off your policy’s premium.

In 2017, those who bought their policy in December paid an average of £592.88 compared to the price in February 2018, which was £507.62 (a difference of 14%).

People buying a new insurance policy might therefore want to consider the time they make their purchase. Whilst you might want to get the insurance premium paid and your cover organised as quickly as possible, it’s worth biding your time and comparing prices between months.

Always use a comparison website like A Spokesman Said to make sure you’re getting the right deal for your vehicle and your budget.

These insurance savings are thought to be caused by dealers who are trying to get as many cars shifted by the end of December as possible. This means the number of policies being taken out goes up, leading to higher premiums for drivers.

In February, there are less people on the lookout for car insurance, meaning that you can save some cash just by finding your policy when insurers have less people paying premiums.

Buying a new car is often an exciting new purchase at Christmas time, but canny customers should hang on for a bit to catch the best deal.

You can also jump on this bandwagon if you need to renew your insurance policy for a car you already have. Just try to time your renewal so that you can take advantage of the best deals.

It’s important to know that car insurance policies bought in February don’t have to start in the same month for you to still benefit from cheaper prices. This means you’re free to shop around and purchase your renewal in advance, and then begin using it a few months later.

Some insurers do have a limit on how far in advance you can make your purchase, so read up on which companies might suit your timetable. This also works for new vehicles, depending on when you want to start driving your car.

Make sure to have this tip up your sleeve when looking for car cover, and save a bit of extra cash around Christmas time.


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When did you last switch your car insurance provider?

Last year 65% of customers didn't switch their car insurance to try and get a better deal.