Martin Lewis tells drivers to 'act urgently' with car insurance to save hundreds of pounds
Martin Lewis told drivers they may be able to save on their car insurance
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Martin Lewis has urged drivers to “take cover” in response to car insurance policies getting more expensive but said some motorists may be able to save hundreds of pounds.
According to various price tracking companies, the average price of a car insurance policy is an enormous £924 a year.
Premiums are up by a staggering 61 per cent compared to last year, according to Consumer Intelligence, which assesses 17 million quotes a year.
Motorists of all ages have been hammered with the rocketing price of car insurance, with younger drivers potentially paying more than £2,000 for coverage.
WATCH NOW: Car insurance prices rising dramatically
Drivers have expressed their concern about car insurance with prices spiralling even without a change to their details.
Writing in his most recent Money Saving Expert’s Money Tips newsletter, Martin Lewis said motorists were seeing “horrific rises” in car insurance.
He added: “New data out then showed average renewal prices 41 per cent higher, and we cautioned you to act urgently as worse was predicted.
“Now... it seems 'worse' is here, seemingly even more quickly than expected. So I make no bones about repeating the warning, but this time EVEN LOUDER!”
The financial expert said the situation is likely to keep getting worse until the middle of next year.
Experts have put the price hikes down to inflation rates and the rising cost of repairing car insurance claims.
Martin Lewis has urged motorists to “take a few minutes to check if you’re overpaying” with people potentially saving hundreds of pounds.
This could include using the Money Saving Expert Compare+ tool, with one driver claiming their renewal quote dropped from £1,100 to just £488.
If people have multiple cars at home, they could check to see if multicar cover would be cheaper for them, and those on multicar policies can check individual policies.
Some motorists may even look to combine their car and home cover, with Martin Lewis calling this “trial and error”.
A number of major providers, including Admiral and LV, offer these kinds of policies, while other insurers will give discounts to existing customers for multiple separate policies.
Martin Lewis highlighted how getting quotes three weeks before renewal may halve costs, with the average cheapest time being 23 days before renewal.
If drivers don't leave enough time before their renewal, the costs could spike to over £1,000.
One driver, named Krishna, told Money Saving Expert that she was a “non-believer” until last week.
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Some younger drivers might be paying around £2,000 for car insurance
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She added: “My quote went down from £1,500 one month before insurance expiry to an unbelievable £650 21 days before.”