Martin Lewis lays out the best savings deals available
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The MoneySavingExpert founder said everyone should check their car insurance, even if it’s not renewal time, before prices spike after the New Year.
Motorists should check their insurance as prices could temporarily “spike” when the market adjusts to the changes introduced by the financial regulator in January 2022.
During his weekly show, a viewer asked Martin Lewis: “After watching your show on TV, me and my husband decided to take a new quote of our car insurance, even to lose no claim discount. For previous insurance we paid £180 now we paid £91.”
Martin Lewis explained: “If you watched the last show you know I’m very worried that from January 1, when there is a massive rule change, the cheap prices for switches on car insurance will get much more expensive.
“So I’m suggesting everybody gets a quote now to see if you can cut the costs.
“If you can, even if you’re not at renewal, as long as you haven’t claimed this year, you will get a pro-rata refund for the rest of the year.
“You’ll have to pay an admin fee to switch, you’ll lose your no claims bonus but if you’re halving your price like that you might as well lock in now while the prices as cheap in case they do that big rise next year,” he said.
On his website, the Money Saving Expert shared some of the cheapest breakdown covers drivers should consider.
Full service cover
AutoAid offers full service cover for £53.99/year (after £6 guaranteed cashback).
The policy covers you and your partner in any car you drive, with mis-fuelling cover and help if you’re stuck.
Eversure offers full service cover for £57.50/year.
The insurance covers any car you or your partner drive, or any passengers in. It also gives mis-fuelling cover.
The cheapest AA policy is found for £59 direct, or £23 via a cashback site.
The AA’s most basic ‘vehicle-only’ policy costs £59/year and covers breakdowns more than a quarter of a mile from your home.
You can reduce this to £23/year via topcahback website.
You can also get basic cover (including home rescue) for £20 worth of Tesco Clubcard points.
Compare Breakdown Cover compares multiple breakdown providers to help you find the best price.
Cover starts from £22.75 for three weeks in France, after the 15 percent discount via MoneySavingExpert website.
The RAC charges £75.81 for three weeks in France.
The policy gives you 24/7 access to an English-speaking helpline, and a contribution towards costs if it needs to be fixed at a garage (the amount depends on which level of cover you go for).
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