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Cheapest car insurance prices since 2014 - many can save large NOW even if not at renewal

Cheapest car insurance prices since 2014 - many can save large NOW even if not at renewal

In a rare bit of good news, car insurance is at a seven-year low at an average £420/yr (£160 less than at its height). Part of the drop, according to the source, MoneySupermarket, is that fewer people driving in lockdown has meant fewer claims.

MoneySaver Alex cut his cover from £650 to £250 mid-year. So the big question is: "Can you take advantage?" And the answer for most is a resounding: "YES". Give us five minutes to take you through it...

How to take advantage of low prices even if not at renewal

The figures above don't describe the usual rip-off prices when you auto-renew, but the cheapest quotes from other insurers. Insurance complexities mean timing affects price - so whether you'll save large switching mid-contract is a definite... maybe. Yet with prices down, it's worth a five-min check, especially if you've big bills.

Use the quick tips below or our full Cheap Car Insurance guide (similar methods apply for cheap home insurance too) to see if you can make decent savings. If so, you can usually cancel your existing policy midway through for a £50ish admin fee, provided you've not claimed, and get a pro-rata refund. However, you won't earn the year's no-claims bonus.

MoneySaver Alex's email proves it's worth trying... 

"My Fiat 500 insurance renewal quote was an excessive £678/yr so I haggled it down to £561. I was pleased, till I signed up to your emails and realised there was more I could do - you gave me confidence to try this a few months later, mid-year.

"I followed the steps and got a £253/yr quote, including cancellation fees - a massive saving. The icing was that the cheapest was with my EXISTING provider. I contacted it and it agreed to the new price and to waive my cancellation fee. Thank you very much 😊."

10 tips to slash your car insurance costs

You'd expect with car insurance that saving is simple. And some of our tips below do follow a simple rule-book. But there are many more ways to save where you need to throw logic out of the window...

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