MARTIN Lewis has revealed how you can slash hundreds off your car insurance – bill even if your policy isn’t up for renewal yet.
Writing in MoneySavingExpert’s weekly newsletter, the finances guru urged Brits to do a price comparison on car insurance policies and save cash.
To get the cheapest price, Martin advised to start hunting 20 to 26 days before your policy is up for renewal.
Any later than this and you’re seen as a “higher risk”, he said.
But with rising prices, Martin urged everyone to shop around – even if they’re mid way through a policy.
His warnings come as industry experts warned last year that drivers could have to stump up £75 a year more for insurance.
The potential hikes have been caused by a shake-up to the “Ogden rate”, which is the calculation used by the Government to decide how much insurers should pay out to people suffering long-term or serious injuries.
Martin said even if you’re midway through a policy, you can usually cancel it and get a refund for the rest of the year.
You might have to pay an admin fee for the cancellation, which could cost around £50, and you should factor this into what you could potentially be saving.
You’ll only be able to cancel your existing policy as long as you’ve not claimed, he said.
To shop around for a cheaper deal, use as many price comparison sites as you can.
Martin recommended sites including MoneySupermarket, Confused, Compare The Market, Gocompare and Direct Line
Ways to cut down on your fuel costs
IF you’re still driving during the pandemic, here are some tips on how you can slash the cost of fuel.
- Make your car more fuel-efficient. You can do this by keeping your tyres inflated, taking the roof rack off, emptying your car of clutter and turning off your air con when driving at lower speeds.
- Find the cheapest fuel prices. PetrolPrices.com and Confused.com allows you to search prices of UK petrol stations. All you need to do is enter in your postcode and tell it how far you want to travel (up to 20 miles).
- Drive more efficiently. Some ways to do this, include:
- Accelerate gradually without over-revving
- Always drive on the highest possible gear
- If you can, allow your car to slow down naturally as your brake is a money burner
- Re-starting your car is expensive, if you can keep moving
You could also save on your car insurance through other ways too, such as applying for a refund due to coronavirus.
Lockdown measures have ground travel to a halt as Brits were told to stay at home until March.
We’ve outlined which car insurers including Admiral and Direct Line offered refunds in previous lockdowns and explain how you can try to get a refund for this one.
You can also drive down costs by paying for your policy annually, which could save you £175, or change your car, which could save you £1,048.
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In other Martin Lewis news, the money guru recently explained how to reclaim hundreds of pounds from your energy supplier.
Plus, he’s revealed five ways to claim back thousands of pounds in a matter of minutes.
He’s also urged 1.3 million Brits to claim a £54 refund of power of attorney fees before Sunday.