Martin Lewis urges car owners to check their auto insurance before new rule is introduced

Martin Lewis urged car owners to check their insurance renewals before new rules are introduced.

It has been announced that the Financial Conduct Authority (FCA) has banned insurers from raising prices when existing customers renew their insurance.

The FCA said that by January insurers would not be allowed to charge more for existing customers, saving Britons tons of money.

And Martin Lewis said in his weekly newsletter that this could actually lead to price hikes in the coming months, reports the Sun.

He said: “As the new regime kicks off in January, insurers will likely start modifying algorithms before – there are even signs now.

“This probably means that the cheapest prices will quickly disappear for those who compare and change.

“So I suggest everyone to check as soon as possible to see if you can cut costs by grabbing the deals for the cheaper switches.”

Even if your policy isn’t up for renewal, it might be worth switching to cheaper prices now, as long as the savings are significant, Martin added.

Most insurers allow you to switch for a £ 50 cancellation fee and will pro-rate you if you haven’t claimed the policy.

To find the cheapest auto insurance for you, check out comparison sites such as Compare the Market and Go Compare as well as with providers directly.

Cashback websites, including TopCashback and Quidco, are also a great way to earn extra cash if you’re switching to a new provider.

MoneySavingExpert’s analysis found that 23 days before renewal is the best time to get a new auto insurance quote, and it could cut costs in half.

Source link

About Nancy Owens

Nancy Owens

Check Also

Ask Afpop – European Health Insurance Card (EHIC)

British state pensioners who qualify for S1 and have registered it with Social Security in …

Leave a Reply

Your email address will not be published. Required fields are marked *