August the cheapest month to buy car insurance, research finds

Drivers who take out a fully comprehensive car insurance policy in August pay an average of £53 less than those who insure in January, according to new figures.

The average price of a car insurance quote in August 2018 was £496.16, compared with a quote for £549.25 in January of the same year.

Additional data, compiled by insurance comparison site MoneySuperMarket, analysed 1.7 million fully comprehensive car insurance quotes generated on the website between April and June 2019. It found that the average fully comp quote remained under £500 for the second quarter running – and represented a saving on the same period the year before.

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.”

The most significant drop in premiums was registered in Kirkwell, Scotland, where prices fell during the second quarter from £334.65 to £317.62. East London was the most expensive place to insure a car at an average of £935.20 for fully comprehensive coverage.

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