Martin Lewis has issued a 21-day warning to drivers and motorists over their car insurance. The 52-year-old Money Saving Expert founder has shed light on when is the best date to renew car insurance ahead of getting a fresh policy under your belt.
“I often tell people you want to be getting quotes for your new insurance around 21 to 26 days before your current policy lapses,” Mr Mr Lewis said. “Why should that make a difference? Well, actuarially the type of people who get policy quotes at that time tend to be a lower risk than the people who leave it to the last minute.”
ITV star Mr Lewis’ team at Money Saving Expert shared: “The cheapest time to get quotes is 20 to 27 days ahead of your renewal date – cover becomes more expensive the closer you get. It’s the same if you are buying car insurance for the first time.”
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MSE added: “We analysed over one million quotes from January to April 2024, from MoneySupermarket – and found the average quote made on the day of renewal was £2,277, or £906 buying it 26 days earlier. That’s a huge difference of £1,371.
“You might not see savings as large as those, but the principle still stands.” Speaking out on his ITV show, Mr Lewis said previously: “Of course, the question is ‘why?’ We go back to risk. The type of people who leave getting quotes to the last minute before their renewal are the type of people who are high risk when it comes to home and car insurance and make more claims.
“So, what you want to do is you’re effectively by doing this on the right timing, you’re saying to the insurer: ‘Hi, I’m not going to be making a claim over the next couple of years, so you can trust me and charge me a lower price.'”