Knowing the exact date you can renew your car insurance could save you hundreds of pounds.
Car insurance premiums have skyrocketed over the last year with renewed premiums costing drivers an average of £436 at the start of 2023.
The average policy price for new drivers also rose by £14 to £545.
The price rises comes as high inflation has made repairs more costly for insurers.
However, there are ways you can cut the cost of your premium if you're worried about forking out more money.
One of the easiest ways to help save on some cash is to pick the right day to renew.
Ryan Fulthorpe, car insurance expert at Go Compare, said you can buy a premium up to 29 days before the policy start date and "lock in" the price you're quoted that day.
This is because the closer you get to the renewal date of your policy, the more money you are likely to spend.
Ryan said the most expensive time to buy your new policy is the day the renewal is due.
He explained: "Go Compare data shows that the closer to the renewal date you get, the more you could end up paying.
"Our customers saved over 44% on average by buying their car insurance 27 days before their renewal date, compared with those renewing on the day."
With the average cost of a renewed premium standing at £436 at the start of the year, employing this trick could save you over £191.
So if your care insurance is up for renewal on August 31, the best day to renew is on Friday August 4.
He added: “Being aware of the factors that impact the price of your car insurance is so important, especially at times when we are looking to save money where we can.
"While other changes may take more time, or come with a cost, simply buying the policy on a different day is a great way to save some money.
“There are a whole range of factors involved which may vary the price insurers offer you for your car insurance, from the type of vehicle you drive, to your occupation.
“Some of these factors are not changes that you can easily make, but simply buying your policy 27 days before it is due to renew is an effective one.”
When renewing your car insurance deal, you should also compare the costs to make sure you are getting the best deal.
You can use a range of comparison sites which include GoCompare, Comparethemarket, or Money Supermarket.
