Money saving expert Martin Lewis says there’s a quick and easy method to save money on your car insurance. He said there was an optimum time of year to search for quotes as your policy comes up for renewal.
Journalist Richard Guttridge, of Birmingham Live, followed the steps in a bid to reduce his monthly payments. It came after he received a “disappointing” quote from his current insurer.
He said: “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 research he found a quote for £33 a month with an up front deposit of £29.50. Researching the company offering it further, he found it had received positive reviews from industry experts.
He added: “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.”
