Uk news Martin Lewis shares car insurance trick that could save drivers £400 each year PremierLeague-News.Com
PremierLeague-News.Com - The consumer champion and his team researched data from 18 million car insurance renewal quotes.
PremierLeague-News.Com - Breaking Sport Transfer News ! Martin Lewis appeared on This Morning on Thursday to answer viewers questions and share the latest consumer need-to-knows and money-saving tips. The financial expert explained to hosts Holly Willoughby and Phillip Schofield how every driver in the UK can save the most money and bag the best car insurance deal when they need to renew. Renewing car insurance, like any other type of annual insurance cover, is one of those tasks most people put off doing. We all know we need to do it, but more often than not, life gets in the way and it slips down the to-do list. Well, the founder of MoneySavingExpert.com says this could actually be a good thing - as long as you don’t leave the renewal until the last minute. Consumer champion Martin Lewis shared a money-saving tip for drivers (Image: ITV) Read More Related Articles How to claim PIP for muscle or joint pain and get up to £608 a month from DWP Read More Related Articles DWP to review benefits including State Pension, Universal Credit, Attendance Allowance and ESA Speaking to the presenters from his London home, he said: "If you're coming towards your renewal, the perfect time to renew - and note this in your diaries now everyone - is 23 days before your renewal. "This is when you should be comparing with other quotes, not just going with your existing company." But the consumer champion warned viewers: "It can be nearly double the cost if you leave it until the day before to get your renewal.” Martin then showed viewers a graph which highlighted how 23 days before renewal, the average car insurance quote is just under £800, but shoots up to an average of £1,200 the day before renewal. Explaining the simple logic behind the clever hack, Martin said: “Insurers know that the people who do it early tend to be a lower risk than those who leave it until the last minute.” Holly was a bit skeptical about the hack and asked the 49-year-old how he knew it was 23 days before renewal. Martin explained how his team at MoneySavingExpert.com had looked at the research data for some 18 million car insurance renewal quotes from comparison websites to identify the best date to renew.
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The financial guru also had advice about gift cards after a viewer contacted the ITV show to ask whether or not they could still use their Debenhams gift card worth £50. Debenhams recently announced the permanent closure of all its bricks and mortar UK stores after agreeing the sale of the brand to online-only retailer Boohoo. The last of the retailer's stores will close this weekend on May 15. Sadly, Martin explained that gift cards are "no longer worth anything" and there’s nothing that can be done about it. He said: "Debenhams went into administration. Wwhen a company goes into administration if you've got a gift card with it you become a creditor. "Sometimes the company, if a company buys them out as Boohoo have, will honour those gift cards but they are not legally required to, it's a totally separate legal entity. "Boohoo isn't honouring those gift cards so that £50 is worthless."
He added: "What you could do, I mean it's a big faff and you probably won't get very much, is put yourself down as a creditor to the Debenhams administrator so the money that they've got in from selling some of Debenhams' assets you might get few pence in the pound back from. "But I'm afraid Debenhams as you've bought your gift card does not exist anymore." Debenhams previously advised customers they would stop accepting gift cards back in December 2020. Get the latest money-saving and benefits news sent straight to your inbox. Sign up to our weekly Money newsletter here.
Source = PremierLeague-News.Com