Motorists who leave renewing their insurance to the last minute are paying £164 more, on average, than those who renew 26 days earlier, data shows.
Motorists renewing car insurance on the renewal date could face a 42% penalty due to fraudulent claims made shortly after policy inception. Experts recommend purchasing insurance 26 days in advance for the best deals, as insurers view early organizers as lower risk. Fraudsters exploit the system by insuring vehicles after damage and claiming within 48 hours.
