When is the cheapest time to buy motorcycle insurance?
It’s January and that means most people are skint after spending a bit too much money over Christmas on presents, food and booze.
With that in mind, January is famous for making people thrifty, as you can see from the graph below where searches for money saving rocket up to their highest peaks in January.
So with money on your mind, we thought we’d look into quote data on The Bike Insurer to see when it’s cheapest to buy your motorcycle insurance in the hope of helping you save a little bit of money in 2017.
The headline fact is that motorcycle insurance is getting more expensive year-on-year and while you can’t avoid that, there are still ways to ensure that your money goes a little bit further.
Which month is cheapest to buy my motorcycle insurance?
April is the cheapest calendar month to buy your motorcycle insurance with an average policy price of just over £236 over the last three years.
May isn’t far behind with June also hovering around the £240 average policy price mark but from August, policies get more expensive month on month until December when there’s a slight drop – with Christmas on the horizon at this time of the year, it’s another reason to avoid buying insurance towards the end of the year if you can.
What time of the month is cheapest to buy my motorcycle insurance?
We’ve already established that April and January are the cheapest months to buy your bike insurance based on average policy prices on The Bike Insurer, now it’s time to reveal what time of the month is best to buy.
The good news, if you get paid at the end of the month, is that the first five days of the month are the cheapest to buy your motorcycle insurance.
Statistically, the fifth day of the month is the cheapest, with average prices coming in at around £240 for an annual policy while the first and second days of the month are the next cheapest to buy.
What’s also clear from The Bike Insurer data is that buying between days seven to 25 of each month will cost you more money than if you buy at the start of end of each month – and it’s the 11th day of each month that is the most expensive on average.
What day of the week is the cheapest to buy my motorcycle insurance on?
If we’re looking at the individual days of the week to buy to save money on your next motorbike insurance policy, Mondays, Tuesdays and Thursdays are the clear winners.
On Mondays average motorcycle insurance premiums cost just under £250 while on both Tuesday and Thursday, prices sit at £250.
So what was the cheapest day of the year to buy my motorcycle insurance on in 2016?
Based on figures from January to November, the cheapest day of the year to buy your motorcycle insurance on in 2016 was Monday 2 May.
While that doesn’t perfectly match up to our month data, it does correspond to the fact that the first five days of the month are the cheapest and that buying on a Monday can also help you save money.
Is this a science?
The assumptions made here are based on hard data from real motorcycle insurance quotes for real bikers on The Bike Insurer.
It is however important to remember that these facts are generally based on averages and, as anyone in the motor insurance industry will tell you, the quotes you receive still depend on you and your circumstances, rather than industry trends.
As such we can’t guarantee that buying your next motorcycle insurance in the periods highlighted above will definitely be cheaper for you this year but what we can do is remind you of our Cheapest Price Guarantee, where if you find a cheaper quote anywhere else online, we will beat it.
Learn more about The Bike Insurer Cheapest Price Guarantee.