29 January 2024 , 12:13
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One Martin Lewis fan has shared how they have saved over £500 on their car insurance by following his advice.
In response to a post promoting his BBC podcast from the MoneySavingExpert.com founder, one X - formerly Twitter - user shared how they had followed Martin's advice on choosing the right moment to renew their car insurance. Martin has shared how the cost of your premium can be reduced significantly if you renew your claim 23 days before your renewal date.
Across his media appearances, Martin says insurance quotes start to drop 30 days before your renewal date, and then at 23 days they "bottom out" and start to rise again.
The X user said they they were initially quoted £1,200 for their car insurance which was a £420 increase on the cost of their premium last year. The X user then used the MSE website's Car Insurance Compare+ tool - which shows users the cheapest quotes insurance quotes across comparison sites as well as provides tips on your data - around 21 days before their premium was due to renew.
The MSE tool gave the X user quotes of £660 and because of this they contacted their current insurer who gave them a new quote of £700 - which they accepted as they liked their service.
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The X user said: "I followed your advice for car insurance. Got my renewal quotes, £1200 up from £780 last year. Used your tool 21 days before renewal, got quotes back around £660. Phoned current insurer who “had another look”, and quoted £700. I like their app/service so stayed. Thank you so much."
In a follow up post, the X user said: "Timing is definitely key. Last time I renewed I did it the day before it was due and got no deals whatsoever. Martin recommended doing it 3-4 weeks before due and seems to have made a huge difference. Insurers seem to find people who plan ahead less risky and thus cheaper."
Over the last 18 months, the cost of car insurance has skyrocketed and according to comparison site Confused.com motorists were quoted an average of £995 for annual policies in the last three months of 2023. This is an increase of 58% rise on the year before.