Some fascinating insights here from Money Saving Expert on the optimal time to buy home insurance (and previously motor insurance) - if your focus is purely price.
Spoiler Alert - it’s 21 days! And it’s not a guess, it’s based on millions of quotes returned from the site.
Interestingly, those who leave it to the last minute are also more likely to have higher claims.
I love data as it can always tell a story, although I think this one, at least from a personal perspective, I don't think I agree nor conform.
My insurance buying process is as follows;
1. Receive my automated renewal quote
2. Check the price against the comparison site(s)
3. Leave it to the day before and renew with my existing provider - unless I wasn’t introduced to alternative when shopping around or I have had a bad experience for whatever reason.
Is it just me, what do you all do?
Buying your home insurance about three weeks ahead of the start date is likely to get you the cheapest price from a comparison site, cutting the cost by over 20%, an MSE investigation reveals. You could save £100s a year knowing the cheapest time to buy your cover, compared with buying it at the last minute when insurers consider you to be a higher risk for not being more prepared, or worse still, if you were to auto-renew.