Find a car 'but complete insurance renewals quickly'

Feb 01 2011, 05:18 PM

Drivers should not delay renewing their car insurance.

Motorists who were successful in their task to find a new car could have lost out on a wad of money if they put off their vehicle insurance renewals.

This is the finding of new analysis by moneysupermarket.com, which highlighted that car insurance prices rose by 31 per cent last year.

In terms of average costs, drivers who delayed found themselves paying an average of 44 pence extra per day.

Some of the reasons why premiums are rising for drivers who find a car include an increase in fraud and personal injury claims, as well as motorists who are climbing behind the wheel uninsured.

Peter Harrison, car insurance expert at moneysupermarket.com, advised: "Drivers really need to act as quickly as possible when they know their car insurance is about to expire."

Last week, those who find a used car were told that they should stay within the laws when taking out insurance for it, with the Association of British Insurers warning that the risks often outweigh the rewards.