Martin Lewis’ MSE says ‘do not just accept’ in car insurance update | UK | News

Drivers should “not just accept” their car insurance auto-renewal figure without doing a simple check first, according to experts. Martin Lewis and his team at Money Saving Expert (MSE) have urged people to spend just a few minutes and potentially save a considerable amount of money each month.

In a recent MSE newsletter, the team of professionals said: “Don’t just accept your renewal quote, even if it’s the same as last year – prices are down around 10%. Even if you’re not at renewal, see if you can lock in a cheaper price now.”

They said that, following years of rising costs, average policy prices have gradually fallen. With inflation being driven upwards by the Middle East conflict, drivers could face steeper bills as typical prices are forecast to “creep up”, according to analyst Defaqto.

The quickest way to browse a variety of products and compare prices is to use a comparison tool or website. To uncover some of the most competitive deals while making use of all MSE-approved money-saving tips, try Martin Lewis’ free Compare+ Car Insurance tool.

After responding to the standard questions regarding your vehicle, needs and motoring history, it provides a “benchmark quote using the cheapest deal”. From there, the tool goes a step beyond most by delivering personalised recommendations that could help reduce the cost even further.

It looks at the excess amount, the most effective payment method, the most affordable job title you could legally use, whether to include additional drivers, and whether bundling home insurance proves worthwhile. One MSE supporter claimed they utilised the comparison tool and saved almost £300 annually by reducing their car insurance from an auto-renewal cost of £549 to £251, reports the Mirror.

Should I check even if my renewal isn’t coming up soon?

MSE said: “If the prediction is right and prices do climb, getting a new policy now means you benefit from locking in the current lower prices for a year. This is only worth doing if you haven’t claimed and can find a materially lower price than you currently pay.

“If you can save, sign up for your new policy, then cancel your old one. You should get a pro-rata refund for the rest of the year (bar a £50-ish admin fee), but you usually won’t earn the year’s no-claims bonus.”

If you’re satisfied with your insurer and prefer not to switch, use the findings from this tool to negotiate a superior price. Request that your insurer match the best deal you secure from here. It might not manage to, but it might offer whatever reduction it can to keep your custom for another year.

Anyone owning a vehicle must pay this legally required fee before driving on British roads. Having valid car insurance protects you and others in the event of any damages, accidents and injuries on the road.

In a previous episode of his Money Show on ITV, he claimed there are three methods to potentially reduce insurance costs – and some appear illogical. He specifically aimed this advice at younger or new drivers, who are often hit with higher premiums during their first few years on the road.

One tip included having an experiment with job titles that you share with the insurance company. Although it may seem minor, it can have an impact on your final price.

What you tell the insurance company about your job might add to or lower your risk level. Martin showed on his ITV show that a ‘beautician’ was more expensive than a ‘beauty technician’, despite the job titles being almost identical.

Martin said: “All of these can vary with different firms. So, if there is something in your job and if the title of your job is one that could legitimately call yourself something else, there are tools online. As long as it’s legitimate, never lie, that you can choose what your job title is may even affect the price. Isn’t that weird?”