Martin Lewis has shared a surprising car insurance hack which could save you hundreds of pounds and it is all to do with when you check for quotes.
The Money Saving Expert was hosting his ITV1 show, The Martin Lewis Money Show Live, on Tuesday when he shared a simple way to get a cheaper quote. His hack was all to do with when you search for new car insurance quotes and what that shows insurance companies.
Simply put, there is a sweet spot around three to four weeks before your policy is due to renew when you will get the cheapest quotes when you enquire (on average). Using his trusty graph, he showed that the cheapest average time to get a quote in his testing was 23 days before a car insurance policy was due to renew.
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Mr Lewis said that car insurance companies consider those leaving their renewal until the last minute to be ‘higher risk’ customers who are more likely to make a claim. By his calculations, you could save hundreds by looking for a quote at a better time.
The advice only applies to quotes for new insurers and not renewals. He ran 18,000,000 quotes to get his averages and found a saving of around 50% for most people.
He had a similar tip for home insurance but said the difference in the sweet spot was a lot less pronounced than for car insurance. Still, he said that the best time for new quotes was around 21 days early where you can find the cheapest prices.
On the show he said: “The type of people that leave getting their renewal until the last minute are the type of people who are high risk when it comes to home and car insurance and make more claims. So what you want to do, is you’re effectively by doing this, you’re saying to the insurer ‘hi, I’m not going to be making a claim so you can give me a low price’.
On the show he did warn that if everyone was to take his advice it would probably shift the dates of the cheapest prices but followed it up by stating that he’s been talking it for around five years and hadn’t seen a shift. He said: “It’s real, it works, so try it out.”
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