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When Should I renew my Car Insurance?
I've done the get quotes 29 days before renewal and decided on the quote I am going with so when should I actually pay for the insurance?
My renewal is due on the 30th March.so wait until then or earlier?
Comments
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Have you locked in a rate? In which case it's completely up to you as to when.
If you are paying in full by credit card then you might want to wait until the purchase goes on to your next statement.
If you are not paying in full check to see what effect that has on the overall price. Inevitably it is more but it might be a little or it might be a lot. See how this works within you budget and remember that doing it this way means you have a credit agreement with the insurance company that will be noted on your credit reports.
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As evidenced from a recent topic, that price may only be valid for the day so if the price is right buy it then.
That forum member was miffed that when they went back to a saved quote it had expired and the price had increased.
I've just been through this annual game, Topcashback had the cheapest quotes throughout and on their results page it shows the validity of the quotes too.
I didn't find a sweet spot at all, from 30 days before renewal date until 7 days before when I finally purchased, the price from my eventual insurer only varied by a couple of pounds on a premium of £235 or so, other companies were similar, little variation.
On clicking through to make the purchase the premium dropped to £228.
TCB are also going to give me £45 for buying through their site.1 -
Quotes are only valid for a set timescale, depending on how you got the quote it could be as little as 1 day or as long as 56 days. Thats going to be your biggest driver as to when you decide you want to buy. You could wait longer and see if prices move in your favour but if your prior quote expires and they move against you instead you may get annoyed.
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I have re-done quotes at 26 days ahead and 14 days ahead. Many of the quotes remained the same. One exception was Aviva, whose quote increased by 50% during that time.
Unless you have a reason to hold off paying, it may be prudent to buy the policy at a price you're OK with.
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