The money saving expert has warned motorists they may get a better deal on their car insurance if they switch NOW.
The Money Saving Expert told viewers on his ITV programme, The Martin Lewis Money Show, that from next year, car and home insurance providers will be banned from charging customers a ‘loyalty premium’. However, Lewis has warned customers this means there will probably be less competition in the market in the future.‘Car, motorbike, van and home insurance are all affected. This is the end of the loyalty premium and the end of price walking.’
‘Check now if you can save,’ he added. ‘Even if your renewal is six months away. If you do find you can save substantially, start a new policy, cancel the old policy. Check the cancellation terms. Normally, provided you’ve not claimed, you’ll get a pro rata refund minus about a £50 admin fee, and you’re unlikely to earn your no claims bonus.’