Cheapest month to buy car insurance revealed - it could save you £53

THE cheapest month the buy car insurance has been revealed by new data revealing it could save motorists £53.

car insurance

Motorists could save £53 by buying their insurance in August (Image: GETTY)

Car insurance is a legal requirement of drivers in the UK but also among one of the more dreaded. Insurance is still one of the most expensive aspects of vehicle ownership and so many aspects can affect how much a driver may have to pay. New data from MoneySuperMarket found that drivers taking out fully comprehensive car insurance in August are paying an average of £53 less than those who insure in January.  Thousands of quotes were analysed from 2018 to identify the fluctuations in prices, finding August to be the best value.

An average fully comprehensive policy taken out in August 2018 costs £496, compared to an average of £549 in January 2018 – 10 per cent less.

Quarterly data from earlier this year which highlighted a continued competitive insurance market for drivers with the average fully comprehensive policy staying below £500 for the second quarter running.

Between April and June this year, the average price was £472, which is slightly more than the first quarter this year £466.

However, the prices for insurance a £22 less than they were compared to the same time period in 2018 (£494).

This is the first time there have been two consecutive quarters when premiums have been below £500 since summer 2015.

The 1.7 million full comprehensive car insurance quotes by MoneySuperMarket between April and June 2019 also found the cheapest and most expensive places to insure your cover.

East London remained the most expensive place to insure your car, at an average of £935.20 for fully comprehensive cover, while the Isle of Lewis in the Outer Hebrides had the cheapest premiums at an average of £303.47.

London as a whole had an average premium of £668, compared to £364 in Scotland.

car insurance

The data found August to be the most affordable month for buying insurance cover (Image: GETTY)

Emma Garland, data scientist at MoneySuperMarket, commented: “It’s good to see premiums staying below £500 for the second quarter running and this can be attributed to two things.

“First, there was a swift drop in the spring last year after the government reduced its calculations for lump sum payments for personal injury claims, which particularly affected younger drivers because they have more accidents. 

“The second, longer term trend is the growing availability of black box, or telematics insurance. It is competitively priced and encourages safer driving, so it has helped to keep a ceiling on premiums. 

“No matter your age or where you live, it pays to shop around at renewal rather than remain with your existing insurer. Firms usually reserve their best prices for new customers and motorists who explore other options can see significant savings.”