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Why you could face a huge 42% penalty when renewing car insurance

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 face up to a 42% penalty due to fraudulent claims made shortly after policy inception. The optimal time to buy car insurance is 26 days in advance, with insurers viewing early organizers as lower risk and offering better rates. Fraudsters exploit the system by taking out policies to cover pre-existing damage, prompting insurers to penalize last-minute renewals.

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