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That’s probably where I heard it, it works too.
I recall various things being given as reasons, ability to shop around, people being seen as lower risk as they associate early renewals with people who would fix an emerging mechanical fault before it became unsafe and people with a higher aversion to taking risks.
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20 seconds is about a third of a mile that’s a big distance to be sat out unnecessarily.
Also just because your Speedo says 70 doesn’t mean you’re doing 70, it could easily be less than 65. At that point you become the tosser doing 65 in the middle with an empty lane to your left.