Sneaky insurers hike auto insurance prices just like your old policy is about to expire, GoCompare claims

DRIVERS could save more than lb250 on car insurance by renewing early.

Firms boost the price for motorists who let it rest late to obtain a quote for switching, researchers say.

Savings average 12 percent, or lb76, on renewals a minimum of a week before. Younger drivers were offered up to lb252 off, the study for comparison site GoCompare found.

Getting in 7 days early resulted in cheaper quotes in nine from ten cases. GoCompare's Mark Gutteridge said: “Car insurance is one market where leaving it until the last-minute in the hope of getting a good deal definitely doesn't work.

So getting next year's insurance over and done with early often see drivers potentially save a lot of money.

“This is great news for drivers, particularly those who pay a lot more for their auto insurance – for instance, younger drivers.

“The average premium to have an 18-year-old driver is lb2,100, meaning a 12 per cent reduction could represent a saving of lb252.” Consumer Intelligence completed the study for GoCompare.