February Best Month For Cheap Car Insurance Says Report

Wed 12th Feb 2020

New research published by one of the UK’s leading price comparison websites is suggesting that drivers could save themselves up to £100 by renewing in February.

Data from MoneySuperMarket has investigated millions of car insurance quotes over the last six years analysing when is the best time to buy cover and the research found that those who bought in February 2017 paid £100 less than those who bought in December 2016, just two months earlier.

February can traditionally be a quiet month for the insurance industry, with many drivers waiting for new registrations in March before making a purchase - this quirk makes for some interesting times to get an insurance bargain.

Emma Garland, data scientist at MoneySuperMarket, said: “People purchasing a car often wait until December to secure a bargain, as dealers try and lock in sales before the end of the year.

“The only downside, is that it is generally the most expensive time to buy a car insurance policy.

“Our data shows that February and August are typically the cheapest months to buy car insurance.

“This could be because fewer cars are bought, due to people holding off for the new vehicle plates that are issued in March and September.

“Not everyone will have the choice to take out a policy in February and August, but there are still ways to make significant savings.

“Always shop around at the time of renewal to ensure you get the best deal for you – doing so could save you £270.”