How to save 'significant' money on your car insurance: Expert says do THIS one thing now
Amanda Stretton outlines how to save money on your insurance policy
PA / GB News
Motoring expert Amanda Stretton believes she has discovered the best way to save “significant” amounts of money on your car insurance policy, and has shared her top tips with GB News viewers.
It comes as drivers face shock car insurance hikes as the average policy surpassed £1,000 for the first time in six years.
Under 25s can expect to shell out £2,145, while the average policy is now £1,082.
Stretton told GB News that there are ways to nullify the surging prices, with one method potentially offering a “significant” windfall.
“Insurance companies are offering policies with reduced cover”, she said.
“For example, windscreen protection. It may not be part of your policy where it was recently, so there are ways insurance companies are looking to reduce the cover.
“You may still have comprehensive insurance, but the cover that you’re getting is reduced.
“Research from Confused.com shows that the biggest thing you can do to save money on your car insurance is to shop around. Most people will always auto renew.
Cars travelling on a motorwayPA“Consistent data shows that over the years that if you shop around and find a new policy, you can almost certainly save significant money.
“This varies very much geographically, but you can carry your no claims bonus as well.
“People have this misconception that staying with the same insurer protects that, but that is gone.”
Premium policies rose 34 per cent in the year to May, according to researcher Consumer Intelligence, which represents the largest rise since its records began in 2013.
Consultancy EY expects a further 11 per cent rise on average next year.
Stretton told Stephen Dixon and Anne Diamond that insurance premiums have remained “artificially low” for too long, hence why the recent surge has been so sudden.
She said: “We are expecting insurance companies in the next couple of years to post some losses which we expect them to try and recoup.
“The other thing is the rising costs of everything. Even talking about their energy costs, they’re going up in some cases by 300 per cent.“
Imagine all the fix costs for the people doing all the work to your car going up dramatically, that is going to be reflected unfortunately in your premium.”
Adults have been cancelling insurance policies or reducing their cover in droves according to the Financial Conduct Authority, who say 13 per cent have done so in the six months to January as consumers desperately bid to save money during the crippling cost of living crisis.
You may like
