New research from comparison site Moneysupermarket has revealed that February is the month when drivers can obtain the lowest quotes on car insurance. The findings are based on research from quotes generated between January 2015 to October 2017 and show that the savings can be considerable.
The most expensive month is December, with quotes averaging £644 in December 2016, whereas quotes for February 2017 were just £544.
Moneysupermarket also points out that it is possible to shop around for a quote in February, but take out the cover at a later date, although many insurers have a time limit on policy inception.
Shopping online using comparison sites has been the `go-to’ destination for many drivers in the last decade, but recently more people have been using smartphone apps and portals to look for more flexible, PAYG, or customised multi-vehicle policies.
Cuvva specialise in PAYG short-term car insurance, whilst other companies such as Coverbox offer a telematics based policy, which is pay-per-mile in effect, although other risk factors are at play.
New start-up honcho is looking to reverse engineer the entire process, by inviting insurers to bid online for drivers’ insurance business. They have secured seed capital so it will be interesting to see if they can disrupt the traditional sales model.