Martin Lewis has revealed how to slash the cost of your car insurance
But Martin Lewis, 45, appeared on ITV’s This Morning and revealed ten points which will help bring down the cost of your car insurance.
1. To find the cheapest price at speed combine comparison sites then add those they miss.
There’s no one cheapest insurer, as prices are set individually. So the aim’s to check as many quotes as possible. Comparison sites do that, but they don’t all cover the same insurers.
Use two or three of the biggies: moneysupermarket.com, gocompare.com, confused.com and comparethemarket.com.
b) A couple of the big insurers like www.DirectLine.com and Aviva.co.uk aren’t on them. Yet they can be competitive, especially if you’ve no convictions and a clean licence, so check these separately. Also there can be special promo deals not included – there’s a list at mse.me/insurancedeals
And always check that the policy has the right level of cover for you.
Martin Lewis: Car insurance deals can leave you out of pocket
Renewal within 60 days? Some firms such as Aviva.co.uk, www.LV.com and www.Nationwide.co.uk give quotes valid for 60 days so get one now, then check against quotes at renewal time. As @dimuthuj7 tweeted: “@MartinSLewis Renewal £521. Quote a month ago, which was honoured, of £319. Thanks.”
Midway through a policy? Many wrongly think you can only switch at renewal, but you can do it at any stage. Check if you can get a cheaper policy now. If so, provided you’ve not claimed, for a £50ish admin fee (factor that in), you can usually cancel and get the rest of the year refunded.
3. Check multi-car policies if you’ve more than one car in the home. A few insurers offer special discounts if you have more than one car in the home – but comparison sites can’t include these deals, so do it manually. www.Admiral.com Multi-car gives discounts of up to 25%, depending on how many cars you insure.
Martin Lewis has ten points for car owners to follow to find a cheap deal
ISA advice from Martin Lewis
5. Adding an extra driver could cost less. Again, counter-intuitively adding another person to the policy can bring down your premium, as the average risk is reduced. It’s especially strong if you’re a young driver adding a responsible older driver.
6. Legitimately tweak your job title. You can’t claim to be the Chancellor if you’re a pole dancer (or vice-versa), but many people have wide ranging roles. So by tweaking your job description you might find your quote is lower.
7. Don’t ‘pay monthly’ – it doesn’t exist. Insurers may call it paying monthly, but actually they loan you the year’s cost and while a few are interest free, most charge often hideous interest. The worst offender I’ve seen charges up-to-93 per cent APR interest. So check and if it’s costly, pay upfront if you can. If not, try to get one of the many year-long-plus 0 per cent credit cards. Just ensure you pay it off over the year, then there’s no cost.
Martin Lewis: Combine comparison sites then add those they miss
9. Got special circumstances and struggling? Speak to a broker. If your circumstances aren’t normal, getting insurance can be tough. Often getting an insurance broker to find a bespoke policy for you can beat comparison sites. See www.biba.org.uk/find-insurance/
10. Can you get cashback. Once you’ve found your cheapest policy check cashback websites like Quidco.com and TopCashback.co.uk to see if you can get any money back on the policy you’ve chosen if you buy it via them – this can be over £50, so is often worth it.
On – 01 Sep, 2017 By Katrina Turrill