Martin Lewis warns viewers about drastic car insurance changes
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He warned car insurance prices could rise by up to 50 percent if drivers leave it later than three weeks before their current policy ends. Martin Lewis explained the cheap prices were down to insurers’ risk perceptions of drivers.
He said those who are prepared and update their policy are considered a “low risk” compared to those who leave it to the very last minute.
He also revealed two success stories of drivers who had followed the tip and made massive savings.
Speaking on the Martin Lewis Money Show, he said: “Last week it was all about big changes to car and home insurance and why you should be checking your prices right now because they could be going up in January.
“The 21 day rule is if you’re coming up for renewal that is the sweet spot to get your quotes, your new quotes.
“Insurers think you’re a low risk then but if you leave it until the last moment they think you’re a higher risk.
“The prices could go up 50 percent on car insurance.”
Angelica Bell said the show had received a “massive response” to the previous week’s show which was centred around car and home insurance.
There were multiple success stories from happy customers who had followed Martin’s advice and been rewarded.
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Bob said: “As my insurance was up for renewal at the beginning of November I took Martin’s advice and started to check other sites.
“I have just signed with AA at half the price I paid for this year’s price, saving nearly £300.”
Angelica said lots of other drivers had also benefited from the 21 day rule.
She read another message from Netti who confirmed she had saved hundreds by following the simple tip.
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