In the world of car insurance, there are endless options and deals to choose from. And as a car owner, it can be overwhelming to try and navigate which one is the best fit for you. Luckily, there is a man who has made it his mission to help us all save some cash – Martin Lewis.
The money expert has shared several tips and tricks when it comes to car insurance through various sources and we have compiled them here for you. Take a look and see if you can save some money on your car insurance.
Tip 1: Changing the Day You Renew Car Insurance Cover
According to Martin Lewis, simply changing the day you renew your car insurance cover could save you heaps of money. He explained that insurers often offer a higher price when you renew on the same date each year. So his advice is to comparison shop early! Do your research, find the best deal, and then change your renewal date to take advantage. This way, you won’t be stuck with an inflated price and can actually save some cash.
Tip 2: Check Car Insurance Before Rule Changes
The rules around car insurance can change at any time and it’s important to stay informed. Martin Lewis has warned drivers to check their insurance policies ahead of rule changes to ensure they are covered for any new regulations that may take effect. It’s always better to be prepared and take action beforehand rather than suffer the consequences later.
Tip 3: Shop Around for Car Insurance Renewal
Martin Lewis suggests shopping around for the best deal when it comes to car insurance renewal. He advises not to simply accept the offer from your current insurer without researching other options. Comparison websites like GoCompare and Confused.com can help save you time and money by doing the heavy lifting for you. Plus, switching to a new insurer may reward you with a cheaper price tag.
Tip 4: Staging a Car Insurance Accident
This one might seem unconventional, but according to Martin Lewis, some people have staged a car insurance accident in order to get a cheaper premium. This works by filing a claim for a minor accident (that never actually happened) and then cancelling the claim. The reasoning behind this is that the insurer sees you as a lower risk, and therefore, charge you a lower premium. However, it’s important to note that this is fraud and can result in serious consequences if caught, so we would not recommend trying it.
Tip 5: Improve Car Security Features
Martin Lewis recommends improving the security features of your car to potentially lower your car insurance premium. This can include installing a car alarm, parking in a secure garage, or using a steering wheel lock. Anything that makes your car less of a target for thieves can help reduce the risk for the insurer and ultimately lower your premium.
Tip 6: Increase Your Car Insurance Excess
Another way to potentially lower your car insurance premium is to increase your voluntary excess. This is the amount you agree to pay towards a claim before your insurer steps in. By increasing your excess, the insurer may offer you a lower premium as you are agreeing to cover more of the cost in the event of a claim. However, it’s important to remember that if you do need to make a claim, you will have to pay this increased amount out of your own pocket.
Tip 7: Bundle Your Car Insurance and Home Insurance
Martin Lewis suggests bundling your car insurance and home insurance policies to potentially save money. By choosing the same insurer for both policies, you could be rewarded with a discount. Plus, it makes managing your insurance policies easier by having them with the same provider.
Tip 8: Ignore Monthly Payment Options
When paying for car insurance, ignoring the monthly payment option and paying upfront can save you money. Martin Lewis explains that most insurers charge a fee for monthly installments, so by paying in full, you can avoid these additional costs. Plus, by paying upfront, you may be able to negotiate a better deal with the insurer.
Tip 9: Don’t Auto-Renew Your Car Insurance
Martin Lewis strongly advises against auto-renewing your car insurance policy. According to him, insurers tend to hike up the price when renewing a policy automatically. It’s better to take the time to shop around, compare prices, and find the best deal before renewing your policy. This way, you won’t be overcharged and can actually save some money on your car insurance.
There you have it – nine tips and tricks from Martin Lewis to help save money on your car insurance. From changing your renewal date to bundling your policies, there are many ways to get a better deal and save some cash. Just remember to always do your research, shop around, and stay informed of any rule changes that may affect your policy. Safe driving!
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