Money saving expert Martin Lewis says there’s a quick and easy method to save money on your car insurance. It’s all to do with the time of year you search for quotes
Money-saving guru Martin Lewis says there’s a quick and straightforward method to slash your car insurance costs. He revealed there was a prime time of year to hunt for quotes as your policy approaches renewal.
Journalist Richard Guttridge put the advice to the test in an attempt to cut his monthly bills. This came after he was handed a “disappointing” quote from his current provider.
He revealed: “It was with some fear that I set out on the search for car insurance quotes – after my payments rocketed last year. The time had come to renew once again and I was determined to find a better deal if possible.”
“I was unimpressed with the renewal quote from my existing insurer, which was essentially the same as what I was already paying. So I headed for the comparison websites.
“I’d remembered a tip from the money expert Martin Lewis about the exact time drivers should search for new quotes, and I was curious to see if it was going to work for me. Martin says the best time to search for deals is three weeks before renewal. I’d made a note in my calendar to make sure I checked then.
“Apparently, those who leave it too close to renewal are seen as being in some way suspicious or untrustworthy (like people have nothing else going on in their lives) and so are often quoted higher prices, so the experts say.
“So the best thing to do is to set a reminder to check a few weeks before. My existing insurer had sent me a renewal quote of £50 a month which, considering I’ve never claimed, I wasn’t happy with. It’s also much higher than I was paying a couple of years ago, before a nationwide rise in insurance prices.
“Surely there was better out there. And so it proved, after a quick look on the comparison websites.”
During his hunt he discovered a quote for £33 a month with an upfront deposit of £29.50.
After investigating the firm offering it further, he found it had garnered positive feedback from industry specialists.
He continued: “I was delighted to have made a significant saving, nearly halving my monthly payments and resulting in substantial annual savings.
“Martin Lewis’ trick seems to have worked for me. It reiterates the importance of using comparison websites as they can often beat the renewal price you’ve been quoted with minimal hassle.
“Even if you don’t switch, it gives you leverage to negotiate with your current provider by showing them the deal you could get elsewhere, sometimes prompting them to offer a better deal. So, make a note of your renewal date and mark three weeks before that in your calendar.
“It might just save you a considerable amount of money.”