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Ideal time to renew car and home insurance for best price

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0 LEC RPAT MartinLewis 14102021

Martin Lewis has explained the ideal time to get a quote for car and home insurance.

The finance guru made the comments as part of ITV’s Money Show Live programme.

The latest edition of the programme focused on the monumental changes about to affect anyone with home and car insurance.

READ MORE: Martin Lewis explains what to do if your direct debits are increasing

Earlier this year, the Financial Conduct Authority announced several new rules to improve competition and protect home and motor insurance customers from loyalty penalties.

This means that insurance companies will no longer be able to offer cheaper deals to entice new customers in regulations designed to stop price walking.

Martin said he doesn’t know how this will affect prices of insurance but expects that new deals and renewals will end up meeting somewhere in the middle.

The Money Saving Expert said that the window of opportunity to bag a cheap price is now before the insurance rule change comes info force on Jan 1 2022.

Martin then shared some top tips on when people should get their new quote and reiterated how: “timing is everything”.

A graphic said: “Check now if you can save, even if your renewal is 6 months away.”

If viewers could save on a new policy, Martin urged them to check their cancellation rules first before starting a new policy.

He finalised his advice by sharing the ideal time to get a new quote.

Martin said: “The perfect time to get a new quote for car insurance is 23 days before renewal and for home is 21 days.

“The reason for this is if you leave it later then insurance categorise you as a higher risk kind of person.”

The Martin Lewis Money Show Live airs Thursdays at 8:30pm on ITV and ITV Hub

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