MARTIN Lewis’ MoneySavingExpert has warned Brits have just two days left to try to lock in better insurance deals ahead of changes in the new year.
The beginning of 2022 is less than 48 hours away, and while it’s a clean slate for many, new rules that take effect in January mean there’s not long left to get your options in order.
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Martin’s latest warning is to get quotes for your insurance NOW as a rule change may mean drivers and households see prices spike.
It’s all because introductory deals for new customers are due to be blocked from the start of the year, so it could mean that prices are going to rocket in just a few days time.
The Financial Conduct Authority is banning the loyalty penalty, meaning the best deals won’t be reserved for switchers.
It means new and existing customers will pay the same.
Many firms across both home and car insurance increase prices for existing customers each year, which is known as “price walking”, but the changes look to halt that, though it could mean pricier costs for new customers in the short term.
Martin Lewis’ MoneySavingExpert has therefore warned prospective policy holders to take action now, before it’s too late.
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The financial guru, Martin, himself is famed for recommending consumers make the switch when their contracts are coming to an end.
It’s good advice, as checking whether you can get a cheaper deal elsewhere can save you money in the long run.
Otherwise, you could be stuck on your current deal, not realising there are better prices out there.
Martin called the warning his “last chance clarion call to get quotes now” before the changes come into force.
The money experts even advised calling in quotes even if your car and home insurance isn’t yet up for renewal, just in case you can find a cheaper deal.
If you find a cheaper policy and you can usually cancel your existing one, and as long as you’ve not claimed this year, you should be able to get a refund for what was left of your contract – though there may be an admin fee too.
You can compare car and home insurance deals using a price comparison website such as Compare the Market or Moneysupermarket.
But it’s important to make sure price isn’t the only factor you take into consideration.
You need to be sure you get the right cover for your needs, and remember the price will change based on different criteria such as your age and where you live.
The money saving team also explained how you can sometimes get cashback rewards and more if you take the time to shop around.
These could be an extra added bonus to brighten the post Christmas blues and help with the penny pinching month that is January coming up in a few days – but it shouldn’t again be a reason alone to choose a policy when you’re switching.
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