ROLLING IN CASH
Martin Lewis’ warning to everyone auto-renewing their car insurance as they face bills rising by £100s
And, more tips on how to lower car insurance for younger drivers
MARTIN Lewis has issued an urgent warning to everyone auto-renewing their car insurance as they face rising bills.
In tonight's episode of the Martin Lewis Money Show Live, the saving expert shared useful information on how to avoid nasty charges.
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A confused fan emailed into the show and claimed: "Last year's price £315. This year's renewal £658.
"Comparison website checked and a new policy would be £380 Regularly auto renewed. Never again."
Martin agreed, saying "yes, never again" - telling Brits to ensure they did not use auto-renew schemes.
Instead, he urged Brits hoping to save cash to ensure they shop around and regularly compare quotes for insurance.
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And he urged Brits to ask for a quote at least three weeks before their insurance renewal date.
The MSE took into account 18 million quotes and found on average there was a "sweet spot" that could see your bills dramatically slashed.
"If you are near your renewal, getting quotes three weeks before may half the cost," Martin explained.
"It bottoms out on average at day 23, and then the prices just start to rise and rise and rise."
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"Everyone needs to get in their diary that 23 days before renewal because that's the sweet spot."
A driver who tried this trick shared their success story.
"A was a non-believer till last week. My quote went down from £1,500 one month before insurance expiry to an unbelievable £650 21 days before. Thanks so much," they wrote.
Martin Lewis also mentioned several different hacks that could see you save money on car insurance.
If you are in a household with more than two cars it may be worth checking if a multi-car policy is cheaper.
Industry giants who offer cheaper multi-car policies include Admiral, Aviva, LV, Diamond and Elephant.
Other well-known names that offer discounts for more than one car include Axa, Privilege, Direct Line and Churchill.
To find the right policy for less, Martin also urged drivers to use at least two comparison sites.
Meanwhile, to find cheaper cover for younger or new drivers, the MSE suggesting adding a responsible, older driver to the policy.
He said: "And, try adding a responsible second or possibly third driver onto the policy because what happens is, with a young person especially, you've got a high risk driver with no record.
"But, if you add a responsible older driver it can sometimes average the risk and bring the price down."
This comes as Martin Lewis also warned two million drivers to check a code on the licence today - or risk an eye-watering £1,000 fine.
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Speaking on The Martin Lewis Podcast, the MSE founder urged listeners to take a quick look at their photo ID.
Plus, the MSE has revealed how to get hundreds of pounds in free cash for car breakdown cover.
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