Martin Lewis has issued an urgent clarion call for those looking to get cheaper quotes on their home insurance.
On the Martin Lewis Podcast, he explained to co-host Nihal Arthanayake how Britons can make savings, especially as insurance continues to increase.
The money saving expert stated that the exact day someone gets their home insurance renewed has a “direct impact” on the average price they will be quoted.
Mr Lewis explained that in insurance “timing is everything,” as Britons can get their insurance quotes cheaper depending on the day.
Those who leave it to the last minute could be left to pay hundreds more as it is based on actuarial risk, he explained.
He said: “This is my first ‘timing is everything’ clarion call to customers. In home insurance, you can get the cheapest quote when it is 23 days until renewal.
“But lets not mess about, from anything between 18 days to 26 days, that tends to be the sweet spot for both car and home insurance – it’s getting quotes from places, not about renewal.
“So the date to get in the diary is 23 days before and that’s the day to put time aside to do the comparisons.”
One caveat to consider is that industry analysts have stated there will be continued rises between 10 and 15 percent over the next year on insurance so prices will still go up.
Home insurance costs are up 26 percent compared with last year, and there’s no sign that this is the peak.
The Money Saving Expert website provided top tips on how people can find cheap home insurance:
- NEVER auto-renew – instead get quotes from comparison sites.
- Compare against a quote from Direct Line.
- Then see if cashback sites can beat the quotes you got above. Topcashback* gives £33 when you buy through its comparison, and Quidco* gives £28. Yet it’s also worth checking if you can get more by going direct to the insurer through Topcashback* and Quidco’s* normal sites.
- How much you cover makes a difference. Use a rebuild cost calculator to work out how much you need to insure for buildings cover, and a contents calculator so you don’t underinsure your contents.
Association of British Insurers: “Motor and home insurers recognise that these continue to be challenging times for many households facing a higher cost of living despite sustained cost pressures often running way above general inflation.
“Insurers remain committed to offering competitively priced insurance and supporting customers should the worst happen.
“Anyone concerned about being able to afford their motor or home insurance should speak to their insurer to see what options might be available. It can still pay to shop around and get the policy that best meets your needs at the most competitive price.”
Source: Expressnews.co.uk