Martin Lewis Reveals How To Save A whole lot Of A whole lot Of Dwelling And Auto Insurance – Metro.co.uk

The January deadline could have a big impact on consumers (Image: S Meddle / ITV / Shutterstock)

Martin Lewis has worked hard to keep his fans' money growing and he's now revealed how to save hundreds on home and auto insurance by switching now.

Following Thursday's Martin Lewis ’Money Show, the economic guru spoke of an upcoming deadline that viewers should keep in mind.

As Martin explained, home and motor vehicle insurance will have to charge existing customers as well as new customers from next January.

Even if it sounds positive, the change could mean “the end of cheap offers for those switching”, as prices will be adjusted.

Martin revealed how viewers can save money by switching providers ASAP and encouraged them to check out price comparison sites and consider their options – as they could save hundreds of pounds.

Act now to save before the January deadline

Editorial Use Only Mandatory Credit: Photo by S Meddle / ITV / Shutterstock (12173583k) Martin Lewis & # 39; Good Morning Britain & # 39; TV Show, London, UK - June 29, 2021

Martin had more top advice on Monday (Image: S Meddle / ITV / Shutterstock)

"This is the end of the loyalty bonus," said Martin of the major change in insurance rules on January 1st. "The time window for a cheap switch contract is now."

"There are six million non-changers who pay up to 150% – more than two and a half times more than new customers," he says, explaining the effects of the change.

While Martin stated that he was unsure of the impact the change would have on prices, he said, "I think the savings will drop radically for those who compare and switch every year."

As a result, he urged budget conscious viewers to act now.

"I want you to see now if you can save even if your renewal is six months away," he said. “When you find that you can save a lot, start a new policy and cancel the old one. Check the cancellation policy. Unless you have made a claim, you will normally receive a pro-rated refund less an administration fee of around £ 50 and are unlikely to receive your bonus without a claim. "

Timing is the key to new insurance offers

Martin Lewis asks Susanna Reid if he doesn't wear a tie at GMB

Martin helps viewers save money on insurance (Image: ITV)

Martin also had top tips for people looking to get the best deals right before their insurance renewal – and it all has to do with timing.

“For those of you on the verge of your renewal, I often talk about timing. The perfect time to get new car insurance quotes is 23 days before your renewal. With home contents insurance, it is 21 days.

"The reason for this is that if you leave it later, the insurers will put you at a higher risk and increase your price," he explained.

Are you thinking of changing? Make sure you are doing things right

"Don't just use a price comparison site," Martin urged viewers who were thinking of switching now to find a cheaper deal. “Instead, poke around and use two or more. Check Direct Line as it is not available on price comparison sites. "

He also advised always checking policy details before signing up so customers can make sure they aren't distracted by lower prices and missing out on hidden details.

Finally, he said, “It is also worth using cashback sites like Top Cashback or Quidco. Because if you take out insurance through them, you can get up to £ 70 for it. They will check the prices in a moment or you can use their comparisons. "

More: Martin Lewis

It comes after Martin pointed out eight clever ways you can make £ 1,000 and more before Christmas.

The Consumer Champion recommends switching banks to make money, getting shopping vouchers for gifts, while married couples can take advantage of some nice tax breaks.

Unveiling the tips in his MoneySavingExpert newsletter, he said, “This week is all about quick ways to get real free cash to help out during this busy time leading up to the holiday season.

"Following some or all of these plans should reduce the risk of debt or disappointment."

The Martin Lewis Money Show continues on Thursday at 8:30 p.m. on ITV.

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