November 23, 2022
  • November 23, 2022
  • Home
  • Car insurance
  • Martin Lewis’ trick to saving money on car insurance – and it’s all about timing

Martin Lewis’ trick to saving money on car insurance – and it’s all about timing

By on June 13, 2022 0

Car insurance can be expensive, but it’s one of those things drivers need to have.

The average cost of car insurance in the UK can be around £430, although this is more for young drivers.

Now that the cost of living crisis has crippled Britons, Martin Lewis has shared a handy money-saving tip.

According to MoneySavingExpert website, there is a specific time to sort out your coverage to ensure you save a fortune.

Martin previously revealed that the best time to buy car insurance is between 20 and 26 days before the due date.

However, it is actually 23 days before as this may see your policy cut in half.

Car insurance can often be expensive for motorists

The website analyzed over 70 million quotes from comparison sites to find this great saving.

But it should be noted that not all insurance companies are listed on comparison websites, so you may need to contact them directly.

And if you miss that exact date, don’t worry because the company has also found cheap quotes on either side of the day.

Speaking previously, Martin said it’s not about renewing, it’s the insurance company creating an image of the customer.

He said, “It’s all based on actuarial risk.”

This is when insurers compare the number of people who have claimed and the information they put on their claims.

It’s actually based on what the majority of other drivers have done in the past.

The finance guru continued: “Adding an extra driver can cut your costs – it’s especially helpful for young drivers.”

Close-up photography
There is a way to find cheaper deals

Want all the biggest Lifestyle news straight to your inbox? Sign up for our free Daily Star Hot Topics newsletter

That said, you have to be careful not to put them as your main engine, because that’s called “fronting” and is illegal.

Martin said you use comparison websites when you can because insurers have agreements with the sites.

He concluded: “I use at least three.”