Martin Lewis explains exact date to renew car insurance to get cheapest price
Martin Lewis has revealed the exact day you should compare car insurance to get the cheapest prices.
The MoneySavingExpert.com founder used a previous broadcast of the Martin Lewis Money Show on ITV to explain how 23 days before your current policy expires is the “sweet spot” for lowest quotes. However, this is just an average - you could still find the lowest prices around this key day as well.
Speaking during an episode that aired last November, he said: “This isn't about renewal quotes. This is about going to get new quotes to see if the price is cheaper in the run-up to your renewal date.
“It starts to drop at around 30 days, you get into the sweet spot around three to four weeks before. It bottoms out at exactly 23 days – but, you know, let's not play that, this is averages – and then the price starts to rise and rise and rise and rise.”
Car insurance generally gets more expensive the closer you get to your renewal as you're deemed more of a risky driver to insurance firms. For home insurance, Martin explained how 21 days before your current policy expires is the cheapest day to compare quotes.
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How to save money on car insurance
Car insurance is a legal requirement in the UK and has to be renewed yearly. The three main types are: third party, third party fire and theft, and fully comprehensive.
When the time comes to look for other quotes, you should use a comparison website to check for prices - some of the most popular ones include Go Compare, Confused.com and Compare the Market.
It is also worth checking quotes with some providers directly, as not all appear on comparison websites. One of the most notable ones that doesn't appear is Direct Line.
Once you’ve found the best deal elsewhere, call up your current provider to see if they will beat it. If you do go with a new policy, you should see if you'd be eligible for cashback on sites such as Topcashback and Quidco.
Home insurance covers you if something bad happens, such as a fire, burglary or storm damage. But what exactly you’re covered against depends on the type of policy you take out.
The three main types are: buildings insurance, contents insurance and combined buildings and contents insurance. Again, make sure you compare prices elsewhere and try haggle down your existing provider.
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