Martin Lewis is urging people to save hundreds of pounds by locking in their car insurance deals now. In the latest edition of the MoneySavingExpert.com newsletter, the consumer champion said that analysis by Pearson Ham indicates car insurance prices have shot up by a “shocking 41%” with home insurance not far behind at 26 per cent.
And if that wasn’t grim enough, the financial journalist warned that the price hikes look set to continue this year and into next. But fear not, as ever, the financial guru has shared some simple ways to reduce the costs of both policies to help save much-needed money during the ongoing cost of living crisis.
Explaining the reason for such steep policy price rises, Martin wrote in the newsletter: “Insurers say it's due to things including rising car repair costs, more subsidence housing claims and overall inflation. Whether that justifies it or not is moot, car insurance is a grudge purchase, you've no choice.”He continued: “Take a few minutes to check if you're overpaying.
Martin shared details of the MSE.com ‘Compare+ tool’ which helped one money-saver cut £738 off their car insurance renewal. He explained it’s just one questionnaire that shows the best deals on the market - find out more about it here.1. Fill in just one questionnaire via our Compare+ tool. It compares and shows your perfect timing, whether to add extra drivers, check other comparisons and more. Kerstin emailed after using it: "Our car insurance renewal was a whopping £1,122.
2. More than one car? Check if multicar cover will save you. My general rule is if you're on a multicar policy, check separate policies to see if you can save; if you're on separate, check multicar. Comparisons won't do this though.
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