Sticking these two dates in your diary could save you over £200 a year

If you're anything like us, insurance renewals are one of those admin tasks that sneak up on you. But here's the thing: timing your renewal just right can save you a surprising amount of money.

Car insurance: Renew 26–27 days early and save big

The sweet spot for renewing your car insurance is 26 to 27 days before your policy expires, according to Go.Compare. Drivers who lock in their new policy during this window pay an average of £390, compared to £554 for those who leave it until the day of renewal - a difference of around 30% (£164).

Home insurance: 29 days is the magic number

For home insurance, Go.Compare found that the cheapest time to buy is 29 days before your renewal date. At that point, the average premium is £189. Wait until the day your policy expires, and you could pay £227 - that’s 17% (£38) more.

The closer you get to your renewal date, the more expensive it becomes. So, setting a reminder a month in advance could save you some significant dough.

Why the different prices?

Insurers view last-minute buyers as higher risk, while early shoppers are seen as more organised and lower risk - and that translates into lower premiums.

Other tips to save on insurance

Avoid auto-renewal: It’s convenient, but you could be missing out on better deals.

Pay annually: This isn’t an option for everyone, but it could save you serious cash as monthly payments often come with interest charges.

Use comparison tools: This makes it easy to compare quotes from multiple insurers in minutes.

Increase your voluntary excess: A higher excess usually lowers your premium, but make sure it’s affordable.

Limit optional extras: Only pay for add-ons like breakdown cover or legal assistance if you really need them.

Don’t over-insure: With home insurance, only cover the rebuild value of your home, not its market value. With car insurance, make sure you’re not overestimating your mileage, or you may overpay.