Martin Lewis and his Money Saving Expert team have issued an urgent warning for those with car and home insurance.
Martin said on his ITV show on Thursday that from January 1, 2022, we will enter a brave new insurance world.
The regulator, the Financial Conduct Authority, is set to bring in new, hopefully better rules to turn the mainstream insurance market on its head.
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New rules mean that loyalty premiums will end and insurers must charge new and existing customers the same.
However, in the short run this change could see a spike in prices for switchers.
Martin advised people to check now if you can save yourself money, even if your renewal is six months away.
He said that the "sweet spot" for insurance renewals is 23 days before it is due. This is when the best deals should be expected.
The Money Saving Expert offered eight steps to help you find your cheapest insurance, which can also be found on his website.
Eight steps to speedily find your cheapest insurance
- Check at least two comparison sites. That's because they don't all include the same insurers, and even when they do, they can have different prices
Compare that to Direct Line and other deals comparisons miss. Biggie Direct Line isn't on comparison sites, but is often worth checking.
More than one car in the household? See if a multicar policy is cheaper (you can't do this via comparison sites).
- Three counter-intuitive checks to make. It's all about trial and error. If price is key, check if comprehensive is cheaper than third party. See if adding a responsible extra driver cuts costs. Use the Job Picker to see if tweaking job description cuts costs.
- Check if you can get cashback. Cashback sites can give up to £80 after you've found your winning policy (always do it that way round).
Want to stay where you are? Haggle. Take the best price you've got to your existing insurer and see if it'll match it.
Struggling to find affordable cover? Try a broker. If a string of claims, a medical condition, or points on your licence are stopping you finding cover, comparison sites are unlikely to be great. So try to enlist a broker who may be able to get you more personalised cover.
Always check the policy is right for you (and complain if a claim's unfairly rejected). Try to read at least the policy summary before signing up, and ensure insurers are regulated by the Financial Conduct Authority
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