Martin Lewis discusses why now is the best time to shop for new auto and house insurance policies.
Martin Lewis explains when the best time is to acquire a car and home insurance quote.
The financial expert made the remarks during an appearance on ITV’s Money Show Live.
The most recent episode of the show focuses on the massive changes that are going to effect anybody who has home or car insurance.
The Financial Conduct Authority issued numerous new guidelines earlier this year to improve competition and safeguard customers with house and auto insurance from loyalty penalties.
As a result of the laws aimed to prevent price wandering, insurance companies will no longer be able to offer cheaper deals to encourage new clients.
Martin said he doesn’t sure how this will influence insurance prices, but he expects new deals and renewals to meet somewhere in the center.
According to the Money Saving Expert, the time to get a good deal on insurance is now, before the insurance rule change takes effect on January 1, 2022.
Martin went on to give some pointers on when people should get their new quote, emphasizing that “time is crucial.”
“Check now if you can save, even if your renewal is 6 months away,” a graphic suggested.
Martin advised people to verify their cancellation rules first before starting a new insurance if they could save money on it.
He wrapped up his suggestions by recommending the best time to receive a fresh quote.
“The ideal period to receive a new quote for car insurance is 23 days before renewal, and for home insurance is 21 days,” Martin said.
“The reason for this is that if you wait till later, insurance will classify you as a higher-risk individual.”