Martin Lewis shares exact time to check for car insurance quotes to save most money on renewal

dailyrecord.co.uk:

Motorists are paying up to 41 per cent more for their car insurance due to the knock-on effects of inflation on the industry, according to Martin Lewis.

The consumer champion shared the best times for people to check for renewal quotes on his latest BBC Radio 5 Live Podcast along with a simple way young drivers may be able to significantly reduce their insurance costs.Martin explained: “When you get your insurance quotes matters.

I am literally talking about how many days before your renewal is due has a direct impact - on average - for millions of quotes, and it can depend on the individual, on the price you will be quoted.”He made it clear that he wasn’t talking about the renewal price, because people will always get that, but about when you should start looking elsewhere to get quotes from other firms to make sure you are getting the best deal available on the insurance market.Martin explained to BBC Radio 5 Live presenter Nihal Arthanayake that if you start at around 30 days before renewal the price quoted on average is £900, based on Martin and the MoneySavingExpert.com team comparing some 70 million firms.

He said that after that, the price starts to drop “very, very rapidly” until about 27 days before renewal, when the price quoted dropped to around £675.He said: “It then drops a little bit further and the very, very bottom out is 21 days before renewal for car insurance, where it’s £590.