Drivers are being told to make sure they know the exact date they can renew their car insurance in order to potentially save hundreds of pounds.

Insurance premiums have risen hugely over the last year, with renewals now costing drivers £436 on average at the start of 2023.

New drivers police prices have also risen to an average price of £545, a £14 increase.

However, car insurance experts say the easiest way to cut the cost of your premium is to pick the right day to renew.

Ryan Fulthorpe, an expert at Go Compare, revealed you can buy a premium up to 29 days before the start of your new policy, and “lock in” the price you are quoted on that day.

Bournemouth Echo: If your insurance matches the current average of £436, renewing early could save you £191If your insurance matches the current average of £436, renewing early could save you £191 (Image: Getty)

The closer you get to your policy start date, the more expensive it is likely to be. Ryan renewing your insurance on the day its due is the most expensive way to do it.

He explained: "Go Compare data shows that the closer to the renewal date you get, the more you could end up paying.

"Our customers saved over 44% on average by buying their car insurance 27 days before their renewal date, compared with those renewing on the day."

If your insurance matches the current average of £436, renewing early could save you £191.

He added: “Being aware of the factors that impact the price of your car insurance is so important, especially at times when we are looking to save money where we can.

"While other changes may take more time, or come with a cost, simply buying the policy on a different day is a great way to save some money.

“There are a whole range of factors involved which may vary the price insurers offer you for your car insurance, from the type of vehicle you drive, to your occupation.

“Some of these factors are not changes that you can easily make, but simply buying your policy 27 days before it is due to renew is an effective one.”