Martin Lewis, the popular financial expert, has been a lifeline to countless individuals, helping them save staggering sums with his savvy tips. When it comes to cutting costs on motoring, Martin has shared some crucial advice with motorists that could lead to up to 50 percent off car insurance premiums.
He illuminated his findings from an analysis of approximately 18 million insurance quotes on his podcast, pinpointing the prime time to hunt for a fresh deal. On his BBC podcast, Martin recommended: “You always want to be getting quotes around 26 days before you want the new policy to start. If it’s anything between about 18 days and 28 days, you’re pretty fine. 26 is the sweet spot.”
Thankfully, a user on social media forum X, shared their story of a cash-saving success thanks to Martin’s website. Elizabeth, known on the platform as @EMCE1001, tweeted: “@MartinSLewis took on your advice about car insurance renewal, current provider £2200 using your tools/advice managed to get it for £835 – insane what some are charging! Thank you for all the help x”.
Others joined the conversation to share their stories, with another penning a response, saying: “My contents insurance has increased by 50%! And even a phone call saying I was leaving didn’t lower it…so tonight’s job is to look for someone else!” Another chipped in with: “Got over a £100 off for me! ” while another exclaimed: “Mega difference that.”
Meanwhile, one curious user queried: “What tools did you use?” Elizabeth remarked: “His website has a whole section on there about what steps to follow when getting your renewal, super easy and helpful.”
Yet not all feedback was positive. One individual said: “And yet…my current provider quoted my over £100 cheaper than anything I could find on comparison sites, even using his tips. Worth checking of course … but sometimes an is OK. And it’s £80 cheaper than last year.”
Despite Elizabeth’s claim of having “no points or accidents” and driving a Crossland, some responders still deemed £800 “extortionate”. One comment read: “Even your new quote seems extortionate.”
Lewis further explained how the trick works: “What insurance data shows, is that people who renew on the last day are riskier. You’re riskier if you are insuring at the last minute.”
He added: “You can sort of understand how that behavioural trend works. People who insure at the last minute haven’t put that much practice in, and aren’t as prepared, and aren’t as organised as everyone else.”
Lewis concluded: “That translates into actuarial risk and the amount of claims. What you have to do is shift yourself into the risk category where people are the lowest risk, and the lowest risk is around three to four weeks before renewal.”