Thousands Set to ‘Spring Clean’ Car Insurance Policies

• Thursday 1st May is ‘D Day’ for insurers
• Record number to switch providers

According to new data from price comparison website, thecomparisons.com, the yearly peak for car insurance renewals is almost upon us. With the credit crunch looming, more consumers than ever will be looking to switch providers, meaning D-Day for insurers.

Using its data resource of more than eight million people across the UK¹, thecomparisons.com has found that Thursday 1st May will be this year’s peak for driver’s insurance policies coming to an end and up to 270,000 people² - more than ever before - will be affected.

Crucially, according to industry figures, drivers will spend the final three weeks of April researching the best deals available. thecomparisons.com is predicting that with the credit crunch looming, savvy consumers will spend more time than ever searching online for the best price and are also more likely than ever to switch car insurance providers in favour of a better deal.

In response, thecomparisons.com is preparing for record traffic on its website from bargain-hunting consumers.

Chris McDonald, Director of thecomparisons.com, said: “Traditionally, the peak for car insurance renewals is thought to be earlier in the year. However, this data certainly challenges that.”

“The rise of price comparison websites, which allow consumers to compare prices from hundreds of different providers in seconds, mean that the market has never been more competitive.”

“Many ‘direct’ insurers are having trouble retaining customers, and some insurers are refusing to be listed on price comparison sites. This means that there has never been more of a bargain to be had and there are potentially hundreds of pounds to be saved if you take a few moments to visit a price comparison site like thecomparisons.com.”

The least common month for renewals:
November

The most common months for renewals:
December, June, April

¹Based on a representative sample of data on car insurance renewals from data pool company, The Trading Floor Limited, strategic partner of thecomparisons.com.
² Based on MINTEL figures of 27 million car insurance policy holders in the UK.