Drivers who take out fully comprehensive car insurance in December are supposedly paying a lot more than those who insure their vehicle in February, according to recent research.
The analysis by comparison site Moneysupermarket found that drivers could save an average of 18% on their insurance simply by waiting two months.
The research, analysing more than six million quotes between January 2013 and October 2018 showed that the average fully comprehensive policy taken out in February cost £475.60. However, people who insured their car in December paid an average of £560.80 – 18% more.
Tom Flack, editor-in-chief, said: “People buying a car often wait until December to secure a bargain as dealers look to shift stock before the end of the year, but it comes with the downside that it’s the most expensive time of year to buy insurance.
“Those insuring in December pay, on average, £85 more per year than those who take out insurance in February.
The insurance savings are allegedly caused by dealers trying to shift cars before the end of December – therefore pushing up the number of car insurance policies being taken out at the last minute.
In comparison, there are fewer people shopping around for insurance come February – one of the quietest car sales months of the year. This, in turn, means insurers tend to offer more competitive premiums in February to entice new customers.
The research made no comment on what prices were like in March and September, which are by far the busiest months of the year for car sales.