Car insurance is never cheap but Martin Lewis revealed how you could save money along the way.
The MoneySavingExpert founder is known for his savvy tips and now a trick on car insurance saved one fan almost £900. He spoke on BBC 5 Live with co-host Nihal Arthanayake.
He revealed there's a specific date to start looking at car insurance renewals. Choosing a specific time to get the quote could have a "direct impact" on the average.
READ MORE: 'We made thousands thanks to Martin Lewis' website tip – and are due even more'
You can read more lifestyle stories from Daily Star here.
He said: "If you start looking around 30 days before renewal, we're starting at about £900 for a quote on average, based on research of 70million quotes.
"This price then drops very very rapidly until about 27 days before renewal, you're now on around £675. It then drops to a little further and bottoms out at 21 days before renewal where it's £590."
Following the suggestion, a fan emailed the MSE founder to explain how the tip knocked their insurance down from £1,500 to just £650 by using comparison sites three weeks before renewal.
They said: "I was a non-believer until my quote went down from £1,500 one month before insurance expiry to an unbelievable £650 21 days before expiry."
It comes as Martin's data found Brits could get a quote for almost half price if they check 21 days before their renewal date. If someone renews on the day before their car insurance policy expires, the data shows it would cost £1,200.
He added: "Timing is everything. The sweet spot is between 25 days and 18 days."
UK's own 'Playboy Mansion' hit with stalker scare after VIP models shoot foursomes
It comes as industry analysts stated there will be continued rises between 10-15% over the next year on car insurance so prices could still go up.
Martin continued: "The question of course is, why on Earth does it make a difference? And the answer is very simple, it goes all the way back to that 'it's all about actuarial risk'.
"And what the insurers' risk tables show is that the type of people who leave it to the last minute are a higher risk than people who don't."
Want all the biggest Lifestyle news straight to your inbox? Sign up for our free Daily Star Hot Topics newsletter
Source: Read Full Article