Martin Lewis urges Brits to halve price of car and home insurance

Money-saving expert Martin Lewis has shown how drivers and homeowners can cut their insurance in half – depending on the date they apply.

Consumers across the UK often dread the renewal time and many are confident they could get a better deal elsewhere.

But a simple trick could save a package on their premiums every year.

Lewis spoke on ITV’s Money Show about leaving things until the last minute could be financially fatal.

Renewals are high 31 or more days prior to the date of the holder’s last payment.

However, the best comparisons are available “21 days before your renewal” so drivers can save up to half their annual insurance costs.

According to the money-saving expert, this also applies to home insurance, but for longer than 21 days, and premiums rise.

He said the longer the customer leaves the renewal, the “riskier” they appear to the provider.

Lewis also recommended using multiple comparison sites, as insurers often quote different prices depending on the platform.

For drivers, adding a responsible second driver might also be important for young or inexperienced drivers looking to cut the price.

Full coverage might also be cheaper as third parties “say you may be more at risk”.

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