Martin Lewis urges drivers to renew car insurance and save hundreds of pounds a year
The Money Saving Expert is urging drivers to save money
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Martin Lewis is urging drivers to check their car insurance premiums where they could potentially “lock in” for a year and save hundreds of pounds.
Car insurance prices have risen a staggering 41 per cent in recent months, with motorists facing premium fees.
Writing in his latest Money Saving Expert’s Money Tips newsletter, Martin Lewis wrote: “My email-bag has been rapidly pinging with irate consumers reporting huge insurance renewal hikes.
“The latest stats back up the on-the-ground fury, showing shocking rises compared to this time last year. Car insurance is up 41 per cent and more rises and predicted this year and next.
“So my clarion call is... take a few minutes to check if you're overpaying. If you are, even if you're not near renewal, you may be able to lock in a price to forestall future increases for a year.”
If a driver is on a multicar policy, they should check separate policies to see if they can save, with those on separate policies urged to check multicar.
Money Saving Expert has also launched a new tool to show when the perfect time to switch is and if they could benefit from adding extra drivers.
One driver who used the tool said their renewal was £1,122 but found a better deal with lower excess for £384, saving £738 in the process.
Another MSE newsletter subscriber, Jenny, said: “Just saved a whopping £756 per year on my car insurance thanks to MSE!
“This was switching mid-policy. They even calculated there was no fee and paid me a £17 refund. So chuffed."
Fred Sirieix, famed maître d'hôtel and host of Gordon, Gino and Fred: Road Trip, took to X, formerly known as Twitter, to question why his car insurance prices had been increasing.
He claimed that Direct Line was quoting more than double the price for his car insurance renewal compared to last year.
He added that the price he was expected to pay was “out of order” with “no justification” given it is the same car, has low mileage, is parked in a safe space overnight and has no claims.
Thousands of other people agreed with Fred, with many motorists stating that their premiums had increased by hundreds of pounds.
The First Dates star added: “So @DirectLine following your extortionate quote and refusal to amend I shopped around.
“Got a new insurance £451 cheaper. Terrible customer service. I have been with you for years with no claims.”
Fred Sirieix saved more than £450 on his car insurance by changing insurers
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He ended the tweet sarcastically, saying “anyway thanks for nothing” followed up with a thumbs up emoji.