Martin Lewis points an pressing warning on auto and home insurance forward of rule modifications in January 2022 – Sussex Dwell
Martin Lewis revealed his eight steps to help people find the best deals on their auto and home insurance.
It comes after the money-saving expert and his team warned of major rule changes that will go into effect January 1, 2022.
The industry regulator, the Financial Conduct Authority, will put in place new rules that they hope will improve the industry and turn the market upside down, reports Liverpool Echo.
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The new regulations mean that loyalty premiums will no longer apply and insurers will have to invoice both new and existing customers the same amount.
However, the warning also indicated that switchers could see a short-term rise in prices.
Martin Lewis also urged people to see if they could save money even if their renewal is six months away.
"The sweet spot for insurance renewals is 23 days before the due date," he said.
"The best offers can be expected here."
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Martin Lewis' 8 Steps to Find the Cheapest Insurance Deals
Check at least two comparison pages. That's because they don't all include the same insurers, and even if they do, they can have different prices
Compare that to Direct Line and other offers that miss comparison sites. Direct Line isn't on comparison sites, but it's often worth checking out.
More than one car in the household? See if a multicar policy is cheaper (you can't do this through comparison sites).
Make three counter-intuitive controls. It's all about trial and error. If price matters, see if the full range is cheaper than the third-party ones. See if adding a responsible additional driver cuts costs. Use the job picker to see if optimizing the job description will cut costs.
Check if you can get cashback. Cashback sites can give up to £ 80 after you find your winning policy (always do it).
Do you want to stay where you are? Haggle. Take the best price you have to your existing insurer and see if it matches.
Are you struggling to find affordable insurance coverage? Try a broker. If a number of claims, illness, or points on your driver's license are preventing you from finding coverage, comparison sites probably aren't great. So try to hire a broker who may offer you more personal protection.
Always double-check that the policy is right for you (and complain if a claim is wrongly denied). Try to at least read the policy summary before signing up and make sure that insurers are regulated by the Financial Conduct Authority.
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