Martin Lewis warns viewers about drastic car insurance changes
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Mr S. Alabaster said his mum had spent years “haggling” to her current car insurance provider for lower rates. However, he decided to check out new deals for her after she received a massive £700 renewal price.
Mr Alabaster quickly found a different provider who was offering to cover her for just over £200.
He said: “My mum had stayed with the same insurer for 10 years, having spent years haggling and thinking this would get her the best deal.
“When she received her renewal price of £700, I knew there would be savings to be made by shopping around.
“By running a quote on Confused.com, she was offered a price of £220 – a £480 saving!
“I tried the same with her home insurance and was able to save just over £400, with additional cover.”
Drivers can check car insuenace prices at any price comparison site such as MoneySuperMarket, Compare the Market and Confused.com.
Money-saving expert Martin Lewis had previously urged drivers to get a renewal quote ahead of the new 2022 rules changes which came into effect on January 1.
The new rules from the Financial Conduct Authority (FCA) mean car insurance firms cannot hike premiums for existing customers.
The changes come after an FCA report found drivers could save £4.2billion over 10 years as a result of the updates.
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The end of the loyalty premium is set to be welcomed by many who have seen rising year-on-year costs.
However, Mr Lewis added he was “very worried” cheap prices for switchers would get “more expensive”.
He added: “In the short term though, switchers prices will be likely to jump.
“Why? Don’t expect the existing customers to drop to the new customers level.
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