Martin Lewis issues urgent car insurance warning ahead of big change next month

IF your car insurance is set to renew this month, switching provider before the new year could save you hundreds of pounds, according to Martin Lewis.

The Money Saving Expert founder has urged drivers to consider changing their insurance provider before new customer offers are banned.

The Money Saving Expert founder said drivers should look out for good deals


The Money Saving Expert founder said drivers should look out for good deals

Enticing introductory deals for new insurance customers are set to be outlawed in January 2022 after the Financial Conduct Authority moved to ban the loyalty penalty.

That means existing customers will not see their prices raised year-on-year while newbies are offered competitive deals, a practice known as “price walking”.

In his latest newsletter, Martin reminded drivers whose insurance is set to renew this month that it might be worth changing your provider.

That would allow you to take advantage of these sweet deals while they still exist.

Otherwise, you could be stuck on your current offer and unable to jump down to a lower price elsewhere – because such offers will no longer be available.

Martin wrote: “Unless you’ve done all the checks in recent months, try now to see if a cheaper switchers’ deal is available before the new rules hit.

“It was possible insurers would have already made price changes knowing this was coming.

“Yet I’ve heard many are waiting until December to see what their competitors do.”

Last month we advised drivers renew their insurance exactly 20 days before the expiry date – it could save you an average £306.

Here’s our guide on how to get the cheapest car insurance on the market.

Getting the best value accident protection available is never going to be easy, but there are dozens of providers and even apps to help you out.

Our top tips include using trustworthy comparison websites and considering a black box to help save cash.

The good news is car insurance is at its cheapest for six years, though that’s mostly because the pandemic has seen us all drive less.

Martin Lewis reveals simple ways to save money on petrol and diesel

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