MARTIN Lewis’ Money Saving Expert has revealed the exact date to renew your car insurance for the best deal, saving some 100s.
Hundred of drivers could be losing money by not knowing the perfect time to renew their car insurance but Martin Lewis’ Money Saving Expert team has cracked the code on when to strike.
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Money Saving Expert revealed that September is a key time for car insurance renewals, thanks to new car registrations.
Yet many of us are waiting until the last minute to renew, and it’s costing us big time.
The secret is to start shopping around 20 to 27 days before your renewal date.
If you’re due for renewal next month, that means now is the time to start hunting for a bargain.
Don’t wait until you’re staring down the barrel of an overpriced renewal quote.
According to MSE, getting your quotes between three to four weeks in advance could save you a small fortune, with some drivers cutting their premiums by hundreds of pounds.
One savvy saver, Carl, said: “My renewal came in at £1,000 for both my car and van.
“After learning about the best time to renew, I’ve saved £300 in total and this was on day 20. Thank you Martin and team for all the hard work.”
But even if you’re not up for renewal just yet, MSE says it’s worth checking now.
Prices have been sky-high since 2022, but the latest figures from the Association of British Insurers show a small dip – the first in two years. So, you could save big by switching early.
And if you’ve got more than one motor at home you’ll want to check whether a multicar policy could save you even more.
These aren’t usually included on comparison sites, so a manual check could uncover a hidden gem.
Admiral, LV, and Aviva are some of the top names offering these deals, while others like Direct Line and Churchill might give discounts for insuring multiple cars separately.
If you’re happy with your current insurer but found a cheaper deal elsewhere, don’t just jump ship.
Instead, use MSE’s top haggling tips to see if your insurer will match or beat the price. After all, loyalty should go both ways.
Karen, another smart saver, shared: “My car insurance renewal price was up by over £250 a year.
“Normally I just auto-renew, but I went with Martin’s haggle tip and found a quote online, which was actually slightly cheaper than I’m paying now, and my current insurer matched it. Thanks for the tip.”
And don’t forget – always double-check the policy details to make sure you’re getting the cover you need.
All insurers on MSE’s Compare+ tool are regulated by the Financial Conduct Authority, giving you peace of mind that you’re protected.
This isn’t the first time Martin’s team have helped drivers pocket cash.
Just last month, Martin Lewis had warned that the “clock is ticking” for Brits affected by the car finance scandal to claim their money back.
Drivers could be owed thousands if they are one of the millions who are believed to have been charged hidden fees on their car loans without even realising.
The Financial Conduct Authority (FCA) is looking into the use of discretionary commission arrangements (DCAs) by brokers up to 2021.
The watchdog is expected to issue its report on September 25 but there is plenty to do before then, according to Martin.
The Money Saving Expert has, as ever, been campaigning tirelessly to help get consumers a fair deal.
Now, he has issued an update on the case – including the necessary next steps.
In his weekly newsletter, he revealed that a whopping 74% of people who use the free tool on his website to help draft their complaint had been told by their broker that they had been affected by a DCA.
It comes after the lawyer who helped kick off the FCA investigation dubbed the scandal to “next PPI” in an exclusive interview with SunMotors and estimated that the total compensation payout will reach into the “billions”.
How to get cheap car insurance
CAR insurance is an essential cost that you hope to never use but will need to cover the costs of theft or damage to your vehicle.
It’s a legal requirement to have car insurance, and going without it could land you with a £300 fine, six penalty points on your licence and even a criminal conviction.
But there are several ways to slash your premiums.
Pay upfront
Insurers give you the choice of paying for insurance monthly or upfront.
Paying monthly spreads the cost of your cover but the insurer adds interest charges which means the average motorist pays around ten per cent more overall.
If you pay for your car insurance annually you don’t pay any interest.
A typical motorist can save up to £225 a year by paying in one go, according to comparison site MoneySuperMarket.
Increase your excess
The excess is what you agree to pay each time you need to make a claim on your policy.
You can usually choose your own excess when setting up a policy and it can be as low as £100 and as high as £500 or more.
The higher your excess, the lower your premium and vice versa.
This means you could bring the cost of your insurance down by agreeing to pay more if you do need to make a claim.
But before you hike your excess, make sure you would be able to pay in the event that you do need to make a claim.
Tweak your job
Certain jobs are seen as more risky than others for insurance purposes.
Making small but accurate changes to your job title can save you money.
For example, swapping your role from “chef” to “caterer” can save you £20, comparison site GoCompare found.
And changing your role from “fast food delivery driver” to “delivery driver” could save you £40.
But lying about your job could invalidate your policy so make sure any changes are legitimate and accurate.
Shop around
Not all comparison sites have the same range of insurers so to get the best price it’s a good idea to check two or three from Go Compare, Comparethemarket, MoneySupermarket and Confused.com.
Insurer Direct Line is also not on comparison sites so check its prices directly.
You can also get a free cash bonus by going via a cashback site such as Topcashback or Quidco.
Save the date
Renewing your car insurance sooner rather than later could save you some cash.
New cover becomes more expensive the closer you get to the renewal date.
But you can buy your car insurance up to 29 days before the policy start date and ‘lock in’ the price you’re quoted on that day.
A typical driver can save up to £265 buying new cover at least 27 days before their current policy ends, according to Go Compare.
