Exact day you should renew your car insurance to save hundreds

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Martin Lewis has revealed the perfect time to renew your car insurance.

The Money Saving Expert appeared on This Morning this week to reveal how people could save hundreds on their insurance if they followed his advice.

Speaking to hosts Holly Willoughby and Phillip Schofield Martin said that he and his team had figured out the perfect day for someone to renew their insurance.

Martin said: "If you're coming towards your renewal date the perfect time to renew and note this in your diaries now everyone, 23 days before your quote, before your renewal.

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"Now that's when you should be comparing it's not with your existing company.

"It can be nearly double the cost if you leave it to the day before renewal to get your renewal and that's again because insurers know that people who do it early tend to be a lower risk than those who wait until the last minute."

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Holly looked shocked and said: "How have you worked that out? How do you know that? How do you know it's 23 days?"

Martin said: "I, brackets my team, went through 18 million quotes from comparison sites."

Martin then showed off a graph showing how the price changed from 30 days before renewal to the day of renewal.

He said: "It goes from £1,000 from 30 days before, it gets to £800 at 23 days and goes up to £1,200 the day before renewal.

"So it's simply elbow work between me and my team to get that one."

On Martin's Money Saving Expert Website he explained that since he revealed the date people should renew their insurance thousands of people had benefited such as Ian.

Ian said: Brilliant advice – best price, about 21 days before expiry date, was £340. But day before expiry: £637."