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Renewing your car insurance this month could save you more than £50 than waiting until January

RENEWING your car insurance this month could save you more than £50 than waiting until next year.

August is the cheapest month to extend your motor cover, according to a recent study.

Data sourced by MoneySuperMarket has revealed Brits could save £53 on average if they renew their car insurance in August rather than wait until January next year.

The investigation analysed thousands of car insurance quotes from last year to identify the best time to sign up, with August the cheapest month to roll it over.

On average, comprehensive policies taken out in August last year only cost £496, compared to £549 in January.

The investigation also revealed the cheapest places to insure your car in the UK, with drivers on the Isle of Lewis only paying £303 for cover.

East London is the most expensive place in the UK for motor insurance, with locals spending a whopping £935 for a comprehensive policy.

The cost of your policy is based on how likely your motor is to be damaged or stolen.

Insurers use a range of factors, including age, previous crash history and even your occupation, to calculate how much it will cost for cover.

But by shopping around for a suitable quote, according to the study, drivers can save up to £250.

Emma Garland, data scientist at MoneySuperMarket, said: “It’s good to see premiums staying below £500 for the second quarter running and this can be attributed to two things.

“First, there was a swift drop in the spring last year after the government reduced its calculations for lump sum payments for personal injury claims, which particularly affected younger drivers because they have more accidents.

“The second, longer term trend is the growing availability of black box, or telematics insurance. It is competitively priced and encourages safer driving, so it has helped to keep a ceiling on premiums.

“No matter your age or where you live, it pays to shop around at renewal rather than remain with your existing insurer.

“Firms usually reserve their best prices for new customers and motorists who explore other options can see significant savings.”

RENEWING your car insurance this month could save you more than £50 than waiting until next year.

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