February and August are the cheapest months, on average, to take out fully comprehensive car insurance.
MoneySuperMarket analysed 49 million car insurance quotes from 2013-2019 to reveal that August and February have been the cheapest months three times each, for six out of the previous seven years.
For the last two years August has been the cheapest month for car insurance, with motorists paying an average of £469 for their policy in 2019 – a saving of 10% or £52 compared to the most expensive month of December (£521). In 2018, those who purchased car insurance in August paid £495, compared to £538 in December.
In 2017, February was the cheapest month with premiums costing an average of £544 – a saving of 10% or £62 compared to the most expensive month of November (£606). Motorists who took out a fully comprehensive policy in December 2016 paid £644 – an increase of £100 compared to those who bought their policy just two months later in February 2017 (£544).
Younger drivers continue to pay the highest prices for car insurance, with those aged 20-24 paying an average of £1,008 and those aged 17-19 paying an average of £995 for a fully comprehensive policy. Drivers aged 65 or over pay an average of £286 – over three times less than drivers in the 17-19 and 20-24 age groups.
Emma Garland, data scientist at MoneySuperMarket, said: “People purchasing a car often wait until December to secure a bargain, as dealers try and lock in sales before the end of the year. The only downside, is that it is generally the most expensive time to buy a car insurance policy.
“Our data shows that February and August are typically the cheapest months to buy car insurance. This could be because fewer cars are bought, due to people holding off for the new vehicle plates that are issued in March and September.
“Not everyone will have the choice to take out a policy in February and August, but there are still ways to make significant savings. Always shop around at the time of renewal to ensure you get the best deal for you – doing so could save you £270.”
