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    Car insurance ‘sweet spot’ trick to save £100s off bills

    5 days ago

    Motorists could save hundreds of pounds in car insurance bills by following one simple trick every year. Martyn James, a leading consumer expert, has warned that renewing car insurance policies at a certain time was crucial to making the highest savings.  He explained there is a simple “sweet spot” where individuals can renew their policy and pay a much lower price. Experts have previously suggested that motorists could save three-figure sums using the simple tip, in a major boost for cash-strapped road users.    Martyn said: “Research has shown repeatedly that the ‘sweet spot’ for negotiating reduced insurance is three to four weeks before renewal, with reductions reducing the closer you get to the renewal date. We can’t say definitively why that is, but for many insurers, an early appeal against a quote suggests an organised, motivated and above all else, risk-averse customer. “These customers are more likely to actually go elsewhere and will have the time to do so. And, of course, insurers love customers who don’t like risk!” Also, insurers take advantage of drivers under pressure to secure policies at the last minute by increasing prices. Insurance companies know that road users are more likely to accept a higher cost on their car insurance premiums to ensure they are not left uninsured.  Insurers on comparison sites are also actively competing for your business and offering their most competitive prices around three weeks before renewal dates. Experts at MoneySuperMarket have previously revealed drivers could save around £300 or more by renewing at the ideal time.  One customer even told Martin Lewis they saved almost £900 following the simple car insurance renewal tip. Krishna explained that their quote dropped from £1,500 one month before their car insurance expiry date to just £650 21 days before in a staggering £850 saving. However, motorists could be set to save on car insurance regardless, with prices now on the decline. Chris Bose, a director of general insurance policy at the ABI stressed that motor insurance premium fees were down. Chris explained: “Three straight quarters of falling motor premiums will be welcome news for drivers and the industry alike. “However, these continue to be tough times for many families facing higher cost-of-living bills, and underlying pressures on claims haven’t gone away.”
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