Martin Lewis issues urgent home and auto insurance warning – .

Martin Lewis issues urgent home and auto insurance warning – .

Martin Lewis and his team of money saving experts have issued an urgent warning to people with home and auto insurance.
Martin said on his ITV show on Thursday that from January 1, 2022, we will enter a new world of insurance.

The regulator, the Financial Conduct Authority, is set to introduce new, hopefully better rules to shake up the consumer insurance market.

READ MORE:Martin Lewis issues urgent energy advice to 1.7 million homes affected by Bulb collapse

New rules mean loyalty bonuses will end and insurers will have to bill new and existing customers alike.

However, in the short term, this change could cause switch prices to soar.

Martin advised people to check now if you can save money, even if your renewal is in six months.

He said the “sweet spot” for insurance renewals is 23 days before maturity. This is when you should expect the best deals.

The money saving expert has come up with eight steps to help you find your cheapest insurance, which you can also find on their website.

Eight steps to quickly find your cheapest insurance

  1. Check out at least two comparison sites. This is because they don’t all include the same insurers, and even when they do, they can have different prices.
  2. Compare that to Direct Line and other offers that the comparisons miss. Biggie Direct Line is not on comparison sites, but is often worth checking out.
  3. More than one car in the household? See if a multi-car policy is cheaper (you can’t do this through comparison sites).
  4. Three counter-intuitive checks to do. It’s all about trial and error. If price is the key, check if the entirety is cheaper than a third. See if adding an additional responsible driver cuts costs. Use the task selector to see if tweaking the job description cuts costs.
  5. Check if you can get a refund. Cashback sites can donate up to £ 80 after you have found your winning policy (always do it this way).
  6. Want to stay where you are? To bargain. Ask your current insurer for the best price you have and see if it matches it.
  7. Struggling to find affordable coverage? Try a broker. If a string of claims, a health issue, or points on your license keep you from finding coverage, comparison sites are unlikely to be great. So try to hire a broker who may be able to offer you more personalized coverage.
  8. Always check to see if the policy is right for you (and file a complaint if a claim is unfairly dismissed). Try to read at least the policy summary before signing up and make sure insurers are regulated by the Financial Conduct Authority

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