Don't worry, it's only a one time thing.
Martin Lewis has a warning for drivers Martin Lewis has issued a warning to drivers about a ‘ridiculous rule’ which could see the price of their car insurance double. The Money Saving Expert explained that insurance firms determine renewal price based on ‘actuarial risk’ – and warns that the longer you leave it to renew, the higher your premium could become. Martin Lewis found that some companies were charging up to 100% more for drivers who left their renewal to the last minute.
’ To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Up Next Money Saving Expert analysis of 70 million quotes across a number of comparison sites found the average quote on the day of renewal was £1,198. Martin Lewis also revealed the perfect time to renew your car insurance – exactly 23 days before your policy expires.
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Martin Lewis warns drivers over ‘ridiculous rule’ car insurance firms useDon't worry, it's only a one time thing.
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Martin Lewis warns drivers about a 'ridiculous rule' that could double their car insurance pricesGetting a new deal before the current contract ends can result in better prices. Some companies charge up to 100% more for those who wait until the last minute. By securing a deal around three weeks before renewal, motorists can save hundreds of pounds. Analysis shows that renewing 23 days earlier can save drivers £504. Acting quickly is still recommended for those who have missed the 23-day mark.
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