Martin Lewis has urged Britons to 'always' compare insurance prices before renewing, warning that autorenewing could be a costly mistake. The Money Saving Expert (MSE) founder noted that both car and home insurance premiums have dropped by more than 10% compared to last year, according to pricing consultancy Pearson Ham.
Lewis explained that many people are conditioned to expect price hikes, so a renewal at the same price might seem like good news. However, he called this a 'perverse warning' because the market has fallen, meaning consumers should be paying less. 'Always compare to check if you can save,' he advised.
MSE's Compare+ tools allow users to compare insurance prices and identify savings opportunities. Users have reported significant savings: Navshad saved £510 on car insurance by checking 26 days before renewal, while Rosemary saved over £300 on buildings and contents insurance.
MSE also suggested that combining car and home insurance with the same provider could yield discounts, but cautioned that this is a 'trial and error' process. Firms like Admiral and LV offer combined policies, while Direct Line, Aviva, and Churchill may provide a 10% discount for each additional policy. One reader, Jess, saved £700 by combining van and home insurance.
