Martin Lewis helps trip staff save over £ 450 on automobile insurance coverage along with his 21-day renewal trick – so you are able to do the identical
Here's how you can follow Martin's 21-day renewal trick
Martin explained that the cheapest price for a car insurance comparison depends a lot on how many days before your insurance expires you decide to renew it.
He said, "If you try to get a quote 30 days in advance, the price is pretty high, then it falls pretty quickly – the sweet spot is about 21 days, but all about three or four weeks (upfront it's a try value).
"Then it goes on and on until we talk about a renewal at the last moment, which is almost twice the cost.
"There's a reason. Insurance prices are based on risk. And if you're the type to leave them by the last minute, the risk charts show you are a riskier person so they'll charge you more. So play their likelihood of risk against them and renew themselves earlier in this sweet spot of three to four weeks. "
Martin had many other tips to share
Martin also shared some other tips on his show to help viewers save on their car insurance:
- Speaking beats price running. As Martin explained, "The price increase is the fact that if you go to an insurer if you stay with them they add £ 20 or £ 30 each year. The longer you are with them, the more you pay."
He explained that his golden rule is never to renew automatically without first checking the price elsewhere. As an example, Martin explained that if your car insurance was £ 285 / year it would average £ 370 / year after five years.
- Don't use just one comparison page, combine two or more. Martin explained that comparison sites are like marketplaces, so some will have different prices for the same insurer.
He also stated that if possible, you should check Direct Line directly as they are not comparison sites and that in difficult circumstances you should contact a broker.
- Try to make savings through trial and error. Martin said that sometimes changes to your policy can get cheaper, even if it seems illogical. For example, he explained that legitimate job optimizations could make your insurance cheaper, e.g. Saying you are an illustrator can be cheaper than saying you are an artist.
He added that fully comprehensive insurance (which offers more comprehensive coverage) can sometimes be cheaper, even if you only want liability insurance.
- Would you like to stay with your current insurer? Haggle. Martin said you should try to go to your insurer with the cheapest deal you can find elsewhere and ask your insurer to get the appropriate deal.
- Beware of monthly payments. Martin said this can often be far more expensive and works in much the same way as a loan, which costs up to 40% annual interest.
- Once you find the insurer, check the cashback websites. Martin said that while you shouldn't go to cashback sites first, once you find the insurer you want to go with, you can check that you can get the policy for cashback sites and get up to £ 70 back. For more information on how these sites work, see our Cashback Guide.