Martin Lewis urges drivers to act to get £1.7k off insurance

Finance guru Martin Lewis has urged drivers to follow a simple yet effective tip that can help them save a fortune on their car insurance, with one driver slashing their premiuim by a massive £1,700.

While the average cost of car insurance has fallen by 16 percent over the past 12 months, it is still one of the most expensive premiums a driver has to pay to stay on the road.

However, in a blog post on the Money Saving Expert website, motorist Karen revealed she used one tool in order to cut more than 50 per cent off the cost of insurance for her son.

She explained: “I wanted to say a huge thank you! I’ve spent days searching for car insurance for my 17-year-old son who just passed his driving test. The prices were between £3,000 and £20,000(!).

“I then went to Martin’s page (why didn’t I go there first?) and used the tool. I ended up with insurance for £1,300 for him and me. So much better. Thank you.”

According to Money Saving Expert, drivers looking for the best price for their car insurance should use the organisation’s Compare+ tool – a price comparison service that gives users tips on how to reduce the cost as they go.

Like any other car insurance comparison service, users will need to share information such as the model they drive, how they intend to use their vehicle, and their job.

However, the Compare+ tool offers a much wider range of quotes, including estimates from Direct Line – who typically do not share their prices on comparison websites.

In addition to searching for the best possible prices on Compare+ before their renewal date, Money Saving Expert also recommended that drivers search for cheap insurance mid-year.

By creating a new policy that begins around three weeks in advance, drivers could be able to find a significantly lower insurance price. However, policyholders must still expect to pay an administration fee of around £50 for making the change.

The company particularly recommended mid-year searching for drivers who have just changed their car or home address, with those who fail to update their policy likely being refused payment if they claim.

Finally, Money Saving Expert also suggested that drive who have several vehicles at their home consider a multi-car policy. These policies allow various cars to be covered on one policy for a generally lower cost.

Various insurance companies offer this sort of policy, including Admiral, LV, and Elephant, with brands such as Axa, Churchill, and Direct Line giving discounts for cover on several separate vehicles.

Multi-car policies also allow drivers to have the same renewal date for all of their vehicles, which reduces the risk of their current insurance expiring.