Martin Lewis points an pressing warning about the price of car and home insurance – Wales On-line
Money-saving expert Martin Lewis has revealed "the biggest shock in decades" in calculating the cost of auto and home insurance.
A new algorithm is coming into insurance, which means that new and existing customers will have to pay the same price from January 1, 2022.
The financial broadcaster warned tonight (October 14th) on the Martin Lewis Money Show Live on ITV that the change could come sooner than expected as insurance companies adjust to this new formula, which could mean the end of cheap deals on switches, possibly every minute.
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Contrary to his previous advice, he urged people to look for alternative auto and home insurance as soon as possible to save money before the new algorithm hits the market.
With the new calculation method, Martin assumes that existing and new prices will meet in the middle. The savings on switches will consequently decrease in the future, but he still sees some opportunities to save money.
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The money-saving expert believes that the new price change could take place within the next month and that the "window of opportunity to get hold of a cheap exchange offer is now".
Even if your renewal was not due for several months, Martin encouraged his customers to look for options.
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