Martin Lewis issues stern insurance warning to anyone with a car
Martin Lewis issued a stern warning to anyone with a car today and told them to ‘never accept’ ridiculous car insurance quotes.
The money-saving expert took to social media to issue a warning about price hikes on car insurance after a follower got in touch with the finance expert to tell him about a 316% increase in the price of her premium year-on-year.
He acted immediately, offering advice to her and all drivers about ways to beat the ‘ridiculous car insurance cost rises’.
Replying to Hilary Atlas, who said her daughter had been given a quote that saw her insurance rise by 316%, Martin said: ‘I’m hearing more and more ridiculous car insurance cost rises, be careful.
‘Never accept these, ensure you don’t just renew, always combine comparison sites, check Direct Line too and find the cheapest, (or try MSE’s compare+ which does most of it).’
It comes after he offered more advice to help people make the most of their money during the interest rate hikes.
His advice came after @sashamamatj said: ‘MartinSLewis ….my 24 year old daughters car insurance renewal quote has increased by 316%, how is this justified?!! She has same car, same address, 7 years no claims bonus, no convictions and never made a claim.’
And other drivers shared similar stories of huge spikes in premium costs as they shared what they did to try to get around the costs.
@sarahlbagnall said: ‘I was quoted over £800 at renewal with the AA. Last years premium was £399! No change in circumstances to warrant that increase.’
The AA replied to her to say: ‘We work as a broker so search a panel of underwriters to offer the best price we can, we’re sorry you feel it’s not competitive for you this year.’
@jasperinvests said: ‘My grandad’s jumped from £240 to over £1,200 on the auto-renewal quote. Called me panicking… Added him to my multi-car policy for less than £240. He’s 89 and does under 1,000 miles/year – how many more who are 80+ are being pressured into these increases?’
@iantwigger added: ‘My insurance went up from £371 to £579. Shopped around on multiple comparison sites and could only get down to £550. Went back to my insurer over the phone and they applied a ‘loyalty bonus’ of £47 making it the cheapest I could find but still significantly higher than last year.’
@for59j54 said: ‘Its good in the sense it forces people to shop around, which in turn increases competition & usually lowers cost. Even my dad shopped around for first time last year after being unwilling to budge out of loyalty in 22 years! I don’t think I have ever renewed.’
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