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When is the Best Time to Get Car Insurance?
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Posted by Tim Setterfield (more from Tim Setterfield) on Tue, 14 Jun 2022 17:05:16 Share Post by Email
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By Tim Setterfield

When is the Best Time to Get Car Insurance?

Car insurance is vital both for your protection and for other people. It can be expensive, but did you know there are optimal times to buy the best car insurance so you can save more money and get a better deal? If you are looking for the cheapest car insurance or a good deal for a specific type of vehicle, check out our guide on the best time to buy.

Check Your Renewal Date
If you own a car, it is mandatory to have insurance. So, if you are looking at the best time to get cheap car insurance, the first step is to check the renewal date of your policy. That's important for several reasons. Firstly, it ensures you renew on time and don't break the law. Secondly, it gives you time to plan to make sure you have the necessary certifications in place and can shop around. Finally, by knowing your renewal date, you can buy an insurance policy at the best time.

Shop Around
When you know your car insurance is due for renewal, you can check out some of the best deals and get a better price for your policy. It's also an excellent opportunity to read through your documents to see whether some of the items you are paying for are still relevant such as business insurance. Your renewal date usually arrives around 28 days before the policy is due for payment, so you have time to check out a few deals. Comparison sites are excellent places to start looking for the cheap car insurance you need. By checking the offers, you can see what is available and the prices for the best car insurance.

Lock-In a Price
Some of the cheapest car insurance deals offer a lock-in price if you agree to sign up 60 days before your current policy expires. Suppose you are shopping around and researching cheap car insurance deals. In that case, you can find some great offers by planning ahead of time and accepting an offer like the 60-day deal. However, check the small print to know any contractual requirements such as fees increasing, lengthy contracts, and exclusions.

Are You Buying a New Car?
Suppose you plan to buy a new car, especially from a dealership. In that case, you will need to adjust your insurance to cover the new vehicle. However, many dealerships include a year of insurance cover within a new car's warranty and maintenance package. So, if you are looking for the best car insurance, timing is crucial as you can negotiate to include the insurance with your purchase, especially if it is not included in the first place.

Get the Best Date
Is there an optimal date to buy your cheap car insurance? The consumer finance organization Money Saving Expert analyzed 18 million insurance quotes. They found that 21 days before the renewal expires is the best time to buy car insurance. Companies selling car insurance use algorithms to assess behavior when making purchases. They found that buying a policy more than a month ahead can cost more than the price at 21 days, and the riskiest time to buy is the day before a policy expires, so the price will be higher. Some algorithms recommend renewing between 15 and 26 days before a policy is due. To get the cheapest car insurance, you would either need to lock in a price at 60 days or look at paying around 21 days before the expiry date of your current car insurance.
Winter is also an excellent time to buy the cheapest car insurance. This is the case because people tend to buy a new car in the summer months, and policies are renewed. However, there is more competition between insurance dealers in the winter which lowers the price. There is one exception: the month of December is the most expensive time to renew car insurance.

Don't Leave it to The Last Minute
Leaving an insurance renewal to the last minute is not the cheapest way to buy. Companies know you are under pressure, so they will hike the price, making it a more expensive time to buy. Costs can increase by 17 percent. If you fail to purchase insurance in time and have an uninsured vehicle, you can also receive a penalty fine from law enforcement, making the experience even more expensive. A default on insurance payments also marks you out as a higher-risk car owner, so you could end up paying higher insurance premiums.

Finally, when buying the best car insurance, shop around and compare prices, making sure you renew your policy in good time. Don't leave it to the last minute or risk missing the deadline. If you look around and research the options available, you have a better chance of getting the cheapest price for your insurance requirements.
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