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Renewing Your Car Insurance 21 Days Early Can Save You £1000

Renewing Your Car Insurance 21 Days Early Can Save You £1000

Buying your own wheels is pretty exciting but it's definitely not cheap when you tot up tax, petrol, MOT and of course, insurance.

Yet, money expert Martin Lewis shared a tactic to help you get the cheapest car insurance quote that could save you up to (and in some cases more) £1000.

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Tell me more you say? That we shall.

Credit: Pexels
Credit: Pexels

Last year, MoneySavingExpert.com, which is founded by Martin, discovered that customers could get the most competitive quote when they renewed their insurance 21 days before their policy ran out after going through 18 million different quotes.

Following his advice, Martin has said in his most recent newsletter that he and the MSE team have "been inundated with successes since [revealing the results]."

The finance specialist shared several of the incredible successes and first told of how a man named Simon "saved £1000+" by renewing early, while another reader revealed they'd saved £960 a year.

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Those savings are incredible! Never underestimate the power of Martin's money saving prowess.

Martin Lewis shared the trick last year. Credit: PA
Martin Lewis shared the trick last year. Credit: PA

He also warns against auto-renewing your policy and suggests combining comparison sites to find the best quote in minutes.

Aside from Martin's tricks, there are other ways to save on your car insurance to ensure you're getting the most competitive price.

According to the Mirror, paying up front can save you up to £200 while adding a friend to your policy could lower your fee by £200 also. But that's under the condition they have a full clean driving license and a no-claims history.

Shopping around is also important to getting the best price for you, so don't always fall for the first quote you get.

Credit: Pexels
Credit: Pexels

Even inputting your correct mileage and using the right description of your job can save you a small fortune.

Comparison site GoCompare.com found that if you describe yourself as a "chef" when filling in your car insurance application, your average quote is £98 higher than if you write "kitchen staff".

Although make sure you don't knowingly misrepresent yourself as the incorrect information could invalidate your cover.

Food for thought, isn't it?

Featured Image Credit: Pexels

Topics: Life News, Money

Lisa McLoughlin

Lisa is a freelance journalist working for Tyla. She has worked for MailOnline, The Sun Online and Ireland's national broadcaster RTÉ. Please contact her on [email protected]

 

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