The consumer champion also shares the exact day to check for the cheapest quote to get the best deal.
Martin Lewis has warned everyone with car insurance that they should never auto-renew their policy as it could be the most expensive way to buy cover. In the latest edition of The Martin Lewis Money Show Live on STV, the financial expert hosted a car and home insurance special, sharing tips and tricks to help cut the costs of renewing a policy.
Price-walking used to happen when you stayed with the same company and each year they would just ‘walk’ the price up, while offering new customers a cheaper deal on the same policy. His rule of thumb is that if you have a multicar policy, check if it’s cheaper to buy them individually and if you’ve got separate policies, check if getting a multicar policy will be cheaper.Add a responsible, older person such as a spouse, parent or sibling, as a second person to the policy, especially for new, young drivers as this could help bring the price down.
He continued: “Now we have run 80 million quotes and I've updated this a few times over the years to see exactly how the prices change.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Martin Lewis says 'go quick' as just hours left to get 'easy' £205 free cashThe offer ends at midnight on Monday - and you don't need to switch accounts to get the money
Read more »
Martin Lewis' MSE explains if leaving heating on low all day saves moneyMartin Lewis and his team at Money Saving Expert have issued advice on the 'hotly debated' topic for this winter
Read more »
Martin Lewis issues warning over ‘unfair’ rule for house buyersHe said there were 'rumours' the Chancellor is introducing new incentives to help first-time buyers
Read more »
Martin Lewis calls for change to 'dead duck' first-time buyers savings schemeThe consumer champion is urging Chancellor Jeremy Hunt to 'fix the broken' Lifetime ISA scheme.
Read more »
Martin Lewis' important warning to anyone who wants to buy a homeThe finance guru warned people they may face a penalty
Read more »
Martin Lewis issues urgent warning on HSBC accountsYou have until midnight tonight.
Read more »