Money expert Martin Lewis is urging people to check their car insurance before it’s too late and the price ‘doubles’.
Drivers have been battling huge increases in the costs of premiums in the past few years, with the increase in the cost of replacement parts due to inflation blamed for insurers pushing prices up.
And if you’re not careful you could be swept up in the surging costs of car insurance.
Average insurance premium bills for all motorists have gone up 18 percent, increasing to £850, an increase of £132.
Bills for drivers aged 80 and over have shot up 27 percent, increasing from £517 last year to £656 this year.
According to Consumer Intelligence, the price rises have been even worse, pegged at 34 percent increases year on year.
Drivers have been urged to take several steps to try to beat the rises as far as they can.
Firstly, do not allow your policy to auto-renew. Most companies will send you an email or a letter informing you that your policy is set to automatically renew and ‘you do not need to do anything’, usually alongside a newly increased price.
This is probably the worst thing you can do, as insurers rely on your inertia to push your premium up.
Customers who get the best deals, as with many things financial, are the ones most prepared to switch rather than staying loyal.
And according to Martin Lewis, the best time to do this is 23 days before your premium is due to end.
This is the golden window to get a new quote, at the lowest it will be before your quote starts to creep up again.
That’s thought to be because companies value those who are organised and arrange their cover in good time. Statistically, scatty people who leave it to the last minute are more likely to be involved in accidents.
But no matter how long you have left on your policy, it’s worth checking sooner rather than later.
Martin Lewis’ weekly tips email from Money Saving Expert said: “Even if your renewal is ages away, it can be worth checking NOW. The sweet spot to get car insurance quotes is 23 days before renewal (so put that in your diary) – prices can double if you leave it later. Yet even if you’re far from renewal, with the recent price flux it’s still worth checking in case you can make big savings.”
