Warning to motorists after data finds December is the most expensive month to insure your car
According to new data gathered by MoneySuperMarket.com, the month of December is not a good month to insure your car.
The price comparison website-based business discovered that it can cost drivers 15% more to insure their car in the month of December compared to doing it in February.
If you insure your car in February you can save around £99 compared to the price it would be if you insured it in December.
MoneySuperMarket.com scrutinized more than 7 million car insurance quotes from January 2015 to October 2017 to compare the differences in price from month to month.
They found that to take out a fully comp policy in December 2016 cost £644, whereas in February 2017 the same policy only cost £544.43. Similar kinds of results also showed up for the same two months the previous year (2015).
Motorists who insured their car in December 2015 had to fork out £582.26 for a fully comp policy, whilst only two months later in the February the same policy cost just £496.01 – a difference of £86.25 or 14.81%.
According to the new data, the price of premiums has increased on average by 9% during the past two years.
Many drivers wait for December believing they’re going to grab themselves a bargain price for their insurance but December is the most expensive month to insure a car, so the savings you find are swallowed up by this fact.
“It pays not to settle for the price you are quoted by your existing insurer at whatever time of year, but especially in December,” says Kevin Pratt, consumer affairs expert at MoneySuperMarket.
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