Martin Lewis reveals car insurance timing trick to cut premiums

Summarised from 2 outlets · Updated 20 Oct, 14:38 · Archive

Money saving expert Martin Lewis says getting car insurance quotes around 26 days before renewal can reduce premiums by nearly half.

Money saving expert Martin Lewis has revealed a car insurance timing strategy that could save motorists hundreds of pounds a year. Speaking on ITV's Martin Lewis Money Show Live, he described obtaining quotes around 26 days before a policy starts as the 'sweet spot' for securing better premiums.

According to Lewis, the price quoted 26 days early can beat renewal day quotes by nearly half for many drivers, though he noted the trick does not work for everyone. The advice is based on analysis of millions of insurance quotes and centres on how insurers assess risk using complex actuarial models.

Lewis explained that insurance companies identify people who leave quote-hunting to the last minute as higher risk than those who shop around earlier, resulting in higher premiums for procrastinators. Many drivers make the same mistake annually by waiting until their renewal notice arrives or their policy is about to expire before shopping around, potentially costing them significantly.

How it is being reported

• Martin Lewis shares the 'bonkers' insurance trick could cut your bill in halfMartin Lewis says getting car insurance quotes exactly 26 days early could slash premiums. Some drivers cut bills by nearly 50% using the little-known trick.Oxford Mail · 20 Oct, 12:23
• Martin Lewis shares the 'bonkers' insurance trick could cut your bill in halfMartin Lewis says getting car insurance quotes exactly 26 days early could slash premiums. Some drivers cut bills by nearly 50% using the little-known trick.Oxfordshire Guardian · 20 Oct, 12:23

In this story: Martin Lewis · MoneySavingExpert · ITV

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