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Do you know when the insurance sweet-spot hits for you when buying your next taxi or car insurance policy?

A staggering two-thirds of UK drivers, across all sectors including the taxi industry, are purchasing motor insurance during the priciest window, potentially paying more than necessary.

Industry experts at have pinpointed a crucial period for renewing car insurance that could slash costs significantly.

Research shows that drivers renewing their insurance 15 to 24 days prior to the expiration date can enjoy savings between 33-45%. Conversely, 62% of motorists tend to renew in a last-minute rush, often resulting in heftier premiums.

The notion that waiting until the eleventh hour for a bargain can backfire, as last-minute deals on car insurance are rare. Proactive drivers who give themselves ample time to compare offers typically find the most competitive rates.

Allowing a policy to auto-renew is another common pitfall. This habit can lead to missed opportunities for better deals available on the market. By actively shopping around and considering multiple quotations, motorists can make well-informed decisions, possibly opting to switch providers to capitalise on lower rates.

Further strategies to reduce insurance expenses include paying annually, reducing unnecessary add-ons, enhancing vehicle security, and leveraging multi-car discounts. Additionally, maintaining a clean claims record aids in accumulating no-claims discounts, which are valuable for lowering future premiums.

Evaluating different excess amounts can also adjust premium costs. While a higher excess might decrease the immediate financial outlay, it is crucial that drivers are comfortable with potentially paying this sum in the event of a claim.

Drivers are encouraged to mark their calendars and prepare to shop around well ahead of their policy's renewal date to harness these potential savings effectively.

Greg Wilson, Founder and CEO, said: “Although car insurance costs appear to be starting to stabilise following the record highs they reached over the last 12 months, it’s important for drivers to make sure they’re not overpaying for their premiums.


“Some of the most common costly mistakes drivers make are letting their policies renew automatically, not shopping around for better deals and leaving it to the last minute to purchase the policy.


“Drivers generally get notified a month before the policy is about to expire, and that’s the perfect time to start shopping around and comparing different providers – purchasing 15 to 24 days before the policy start date for the largest potential savings.


“Even if they stick with their current insurer, obtaining quotes from other companies may still help them save money by giving them the tools to negotiate and helping them check they’re not over or under insured.


“Price comparison websites can massively simplify this process by comparing multiple insurers and products at once.


“If possible, it’s also best to pay the entire annual premium upfront to save on interest payments and even consider adding an experienced driver to the policy – just be careful the main driver actually drives the car the most.


“When looking for affordable insurance, it's important for drivers to make sure they are not sacrificing protection in the event of accidents or unexpected situations.

“And remember, drivers must never give inaccurate information to help lower costs, this could void the coverage entirely.”


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