Car insurance apparently cheapest in February

By Charlotte Whyatt - Tue 11th Dec 2018
Car insurance apparently cheapest in February

February is the cheapest month to buy car insurance, according to new research conducted by MoneySuperMarket.

The price comparison website analysed over six million car insurance quotes issued in the four-year period between 2013 and 2018.

A standard comprehensive policy was found to be the least expensive in February, costing an average of £475.50. 

On the opposite end of the scale, December was revealed to be most expensive time of the year to purchase car insurance.

Taking out a policy then will set you back around £560.80, about 18% more than in February,

One explanation suggests that this significant jump in price can be attributed to the fact there’s fewer people shopping around for car insurance in February.

Car dealerships looking to shift stock by the end of the year will often reduce their prices, which leads to a surge in the number of insurance policies taken out.

By February, this has tapered off so insurers try to offer more competitive premiums in the hope of enticing new buyers. 

Source: Express and Star