Martin Lewis sends car insurance warning to every | Tech News
Martin Lewis has shared an important car insurance “warning” to every motorist within the UK with street customers possible overpaying for canopy. The Money Saving Expert founder mentioned motorists had been “programmed” to imagine annual price hikes have been acceptable, when average charges have been actually coming down.
He careworn that average car insurance charges are down 11% throughout the final 12 months after peaking back in 2023. It means motorists could also be paying a lot more than they need to for primary protection just because they have been unaware.
Speaking on ITV’s Martin Lewis Money Show, he mentioned: “This is actually what’s been happening to car and home insurance prices.
“There we go, you’ll see from about three years ago we had this massive ramp in prices, up nearly 60% on car, up nearly 50% on home. But then that started to smooth off and on car, it’s come down. So when you actually look at what’s happened over the last year, home is down 3% and car is down 11%.”
On the screen, Martin’s slide branded the issue the “big insurance renewal warning” earlier than claiming that “no rise isn’t a good deal”. The chart then confirmed car insurance costs slowly rising from 2022 earlier than peaking round October 2023.
Martin added: “We’ve been programmed to think each year it’s going to go up and up and up. And the problem with that is this, you get your renewal quite and you go ‘oh it’s only gone up 5% this year, winner winner chicken dinner’.
“But no, what should be happening to you right now is it should be coming down, So my big warning today is when you get your renewal if nothing else has changed, you want to expect to be see your piece be even cheaper than last year. Even if it’s the same as last year, that’s actually paying too much.
“My aim today is to reprogramme you to expect cheaper prices, not higher prices, from this point onwards.”
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