Motorists who delay renewing their car insurance policy until the last minute miss out on the best deals, a new study reveals.
Last year the average Brit cost themselves 44 pence for every day they failed to renew, as prices rocketed by 31 percent over 2010.
The analysis by Moneysupermarket of 21 million car insurance quotations last year found that if a consumer waited 30 days from when they received their renewal notification to purchase car cover, their premium increased by £13.20.
This amounts to £317 million in total, if all drivers did this.
"Drivers really need to act as quickly as possible when they know their car insurance is about to expire,” said Peter Harrison, Moneysupermarket's car insurance expert.
"Every penny counts and being quick off the mark can really make all the difference.”
A premium costing £500 in January 2010 would now be around £655, which is an increase of £155.
How to get the best car insurance policy
According to GoCompare, car insurance premiums have jumped by 6.4 percent in the last three months to end 2010.
Showing the cost of owning a car has sharply risen recently, as this coincides with the VAT hike and the rise in fuel prices.
If motorists want to save money on their car insurance they are urged to start comparing the market before their policy expires, so they can make the change as soon as it does.
There are good deals to be had on the internet, and often a discount if you apply online. Look for other discounts the insurance companies provide and think about ways you could become eligible for them.
Extra training courses are a good idea for younger drivers who lack experience, while those who have parts on their car to make them faster, such as spoilers, could reduce their premium by removing them.
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