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.