CAR SWEET SPOT

mckenzzee

Hi Team

I have tried previously to make contact with the community forum, whether I did it incorrectly or not I cannot remember, I have also tried the 'furtherhelp' team, unfortunately, they couldn't help, so I am back here creating a new thread in the hope that somone will pick up my message n come back to me with some details 🙂

I'm a little confused, I found an old Newsletter of Martin's Money, I keep all of them!, where previously Martin had stated, the 'sweet spot' to renew car insurance is between 20-27 days, then, at least a couple of years ago I was watching one of his programmes, I believe he mentioned the sweet spot was 21 days, then my neighbour told me it was 24 days!.

Today, I checked on Google, typing in Martin's name n it says 26 days, scrolling a little further down, it states 27 days!! 🤪🤔, it's really confusing.

I'm just trying to figure out which is the actual 'sweet spot' day, so, if I'm counting back from the end of the month, let's say 30th being the end of the month, which date should I be calling n speaking to my insurance company ?

I am also wondering what the 'sweet spot' would be for Home Insurance as well ?

Hoping I can get some help, please 🙂

Many thanks

Ayr_Rage

My sweet spot lasted from 30 days all the way down to 11 when I actually purchased, when getting quotes through comparison sites.

As for my last insurer, I did give them a call but they couldn't beat the cheapest quote and that was not taking into account the £45 cashback I will get by changing companies.

MSE_James

MSE's most recent information on car insurance renewal timing can be found here:

https://www.moneysavingexpert.com/insurance/car-insurance/how-to-get-cheap-car-insurance/#tip-2 

For home insurance, the equivalent info is here:

https://www.moneysavingexpert.com/insurance/how-to-get-cheap-home-insurance/#basics 

Aretnap

There is no "sweet spot" to the level of accuracy that you seem to be asking for. There's a general trend that you are likely to get cheaper quotes 3-4 weeks before your renewal date than a couple of days before your renewal date. But beyond that it depends. Insurer A might actually quite cheapest for people who apply at least 30 days in advance, Insurer B might not quite for you at all more than 28 days in advance, insurer C might price lowest 21 days in advance. So when will get you the cheapest quote is going to depend on whether insurer A, B or C is going to be cheapest for you in the first place, and that's going to depend on your age, your occupation, the type of car you drive and many other factors. 

In other words, anyone who tells you that you need to apply 23 days, but definitely not 24 days in advance, is talking rubbish - nobody can tell you in that level of detail. At most someone can try to say that "based on my research the average motorist will get cheapest quotes 23 days in advance" - but even that depends on the assumptions they make about the average motorist, and it's not much use to you if you're not the average motorist (in their eyes).

So stop worrying about things that you can't control, and just get quotes 3-4 weeks ahead of renewal.

DullGreyGuy

MSE_James said:

MSE's most recent information on car insurance renewal timing can be found here:

https://www.moneysavingexpert.com/insurance/car-insurance/how-to-get-cheap-car-insurance/#tip-2 

For home insurance, the equivalent info is here:

https://www.moneysavingexpert.com/insurance/how-to-get-cheap-home-insurance/#basics 

@MSE_james - are you willing to reveal the last time the analysis was conducted to come up with that date? 

Given the regulations on Home and Motor renewal prices -v- new business changed a couple of years ago it seemed that potentially this could drive a change in pricing behaviour given 21-28 days out is when most renewal quotes are generated. Wayback When Machine suggests your advices haven't changed since before the regs came in so wondered if its because the advice was old and doesnt reflect the change or if insurers are generating renewals, which must be no higher than new business at the same time new business is at its lowest price.