Unlock the potential for major savings with insider knowledge from Graham Hill, as we dissect the hidden truths of electric car ownership and insurance. "Electric Cars - The Truth Revealed" isn't just a book—it's a treasure chest of wisdom, now with fresh updates including a soon-to-launch finance section, tailored in response to the latest SCA regulations. This episode isn't just a boon for EV aficionados; if you're clinging to petrol or diesel, stick around for insurance insights that could slash your premiums and surprise even the shrewdest of money-saving gurus like Martin Lewis.
Prepare to jot down actionable tips as we reveal the best time to snag car insurance quotes—between 21 and 23 days before your new electric chariot arrives. Graham Hill, armed with meticulous research, breaks down the cost fluctuations of insurance policies, demonstrating how perfect timing can nearly cut your costs in half. Whether you're eagerly counting down to an electric future or simply renewing your policy, this conversation is packed with strategies to fatten your wallet. Don't miss out on these crucial tips for keeping your hard-earned cash where it belongs—with you!
To watch this on video click: https://youtu.be/3GmESdfXamU
To buy a copy of Electric Cars - The Truth Revealed visit grahamhilltraining.com
Hi, Graham Hill, back again. Electric Cars – The Truth Revealed. That's my book. If you want to order a copy of the book which contains all of the information included in these podcasts go to grahamhilltraining.com where you can pay for and download the eBook. You can also forward order the training course which will be launched later in 2024. If you pre-order the training with the book you will be able to buy it for pennies instead of the hundreds of pounds that we expect to sell the training for later in the year. We've got a few book updates going through at the moment, so if you order the book or download the book before the updates have been included you will be sent the updated version as soon as it’s ready free of charge. So don't worry about that. We're also working on a finance section, which will be available in due course. We had it in there but taken it back out because there are some updates and things due to the changes in the FCA regulations concerning Consumer Duty right now.
This information is going to be brilliant because so many people really don't take this into account and this is this is a big money saver. It will help you also if you've got a petrol or diesel car. It's all about insurance. Be prepared for a money saving expert moment. Martin Lewis would be proud of this one.
Right, when you take out your car insurance, especially when it's an electric car that you've had on order for maybe a few months and the dealer phones to let you know that the car's arriving coming in in a month's time. You’ve now got 4 weeks to prepare yourself. You can get your charger installed and other bits and pieces in place, ready for when the car arrives. You should now start checking on the insurance. There is a time scale which several of the insurance comparison websites have checked, carrying out thousands of tests and they found that insurance policy costs start very high at about 4 weeks before the insurance is due to start. The premiums then drop down quite rapidly and then they build up again as time goes on nearer to the time when you take delivery of the car. The findings also applied when you renew your insurance, so when you know you've got the renewal coming up in about a month's time you should start getting quotes. There is a time scale which you should be very, very aware of and that is 21 to 23 days. Some of the insurers vary slightly, but between 21 and 23 days is the optimum period to set your insurance so you should obtain a quote and save it.
You can get quotes online. You don't need the registration number because at that stage, if it's a new car, you won't have the registration number anyway as it won't have been issued. And even if they do issue it, it will only be a pre-issue. It's not actually registered with the DVLA. So details of the car won’t appear on an insurance search. As you need to get some quotes you can get them with the make and model of car, an estimated cost of the car which the dealer can give you and your estimated annual mileage.
As long as you've got this information you can arrange for quotes. I would suggest that you start at 30 days before the date that you want the insurance to start. When this exercise was carried out they started off at 30 days before the insurance was due to start and the figure was up to £1,100 on a mid-range average car. Between 21 and 23 days it had dropped down to £600, that’s £500 pounds off, nearly 50% and then the cost started creeping up again. So what you need to do is start at 30 days getting quotes. When you get to around 23 days before the car is due for delivery, then it should hit its lowest figure. You may find that it drops a little bit further at 22 and then 21 days. So save those quotes and then when you go beyond that and the quotes start to increase, don't bother saving the quotes. Obviously, if you saved your quote, then you can go back to that once you've got your registration number and confirm the insurance. You can get your cover note from the insurer to forward to the dealership so that they can register the car for you. If it's a lease car, just save the quote until closer to the time when you've got the registration number and you can take the insurance out.
So the ideal time to save the quote is 21 to 23 days, and the same applies when it comes to renewals. Very few people are aware of this so leave quoting till the last minute. Unfortunately, like airline tickets, they start expensive, then they drop down fairly rapidly, then they start increasing and it's not until the last minute when they've got three seats left on the plane and they're selling for £10 or anything to fill the seat. Now, you don't get that final drop with insurance. It just goes down and then it goes up and it stays up. So the thing to do is to make sure you get in early at 21 to 23 days save the quote and make sure you save yourself a lump of money, because with electric cars in particular, the insurance costs are going through the roof. So you need to save as much as possible by using this technique. Okay, that's another one over, over and done with.
We'll move on to the next one on the next podcast. I'm only going to come up with another couple. We're not covering everything in the book. I'm just covering a few items that I think are really critical and important for those buying electric cars in particular. There are a few other important things to reveal, but you're going to have to buy the book for those. Thanks for either watching or listening. I'll catch you on the next one. You just saved yourself nearly 50% on your insurance. Bye for now.