A savvy Martin Lewis follower has revealed a nifty trick that slashed £160 off their car insurance, simply by shopping for quotes three weeks before their policy was due to end.
The consumer champion’s website, MoneySavingExpert.com, advises that the prime time to hunt for car insurance bargains is 23 days prior to your renewal date. While this is an average guideline, many can still snag top deals around this crucial period.
MSE devotee Helen shared her success story in the latest newsletter, stating: “My motor policy renewal quote increased by £230 this year. I used your Compare+ Car Insurance tool to compare prices three weeks before renewal and managed to reduce my insurance costs by £159. Despite trying to haggle with my original insurers, who’ve given great customer service this year, I couldn’t save half that amount so I’ve moved. Thank you. It’s nice to feel someone’s on my side for a change.”
In the UK, car insurance is mandatory and must be updated annually. The key types of cover are third party; third party, fire and theft; and fully comprehensive.
Prices tend to rise as the renewal date approaches, with insurers viewing procrastinators as higher risk, reports the Mirror.
In addition to comparing prices online and negotiating with your current provider, it’s also beneficial to check prices directly with some companies, as they may not all be listed on comparison websites. Direct Line is one notable company that doesn’t appear on these sites.
When it comes to home insurance, Money Saving Expert suggests that the most cost-effective day to compare quotes is 21 days before your existing policy expires. Home insurance provides coverage in case of unfortunate events like fire, burglary or storm damage.
The three primary types are: buildings insurance, contents insurance and combined buildings and contents insurance.
