The Government’s recently-published plans, under a new Road Safety Strategy, look to potentially double the initial fine for driving without valid car insurance.
Research from MoneySuperMarket revealed 4% of UK drivers are unaware their car insurance has an expiry date, which is around 1.6 million motorists.
Many of these people could end up breaking the law without realising and face tougher penalties under the new suggestions.
Currently, driving without valid insurance is classed as a criminal offence, and an uninsured driver could face an initial £300 fine and six points on their driving licence, but the new plans look to potentially double the initial fine to £600.
Alicia Hempsted, car insurance expert at MoneySuperMarket, said: “Our research found that a surprisingly high number of UK drivers aren’t aware that their car insurance policy has an expiry date, putting millions of motorists at risk of severe financial consequences this year.
“Driving without insurance doesn’t just lead to an initial high fine; it can have long-lasting consequences. If you’re caught driving without insurance and receive an IN10 conviction, you’ll see it reflected in your insurance costs.
“On average, drivers with an IN10 pay £1,570 a year for cover, which is more than double the UK average of £766.
“If you’re unsure when your car insurance policy expires, or you weren’t aware that it has an expiry date, check your policy documents or contact your insurer to find out.”
The best time to renew your car insurance
Motoring experts have revealed the best time for drivers to renew their car insurance policies in order to potentially save hundreds of pounds.
Insurance premiums have risen hugely over the last year, with both new and existing drivers seeing the cost of their policy rise.
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.
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, 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.”
