Martin Lewis urges all drivers to act amid 'shocking' insurance price surge
20.09.2023 - 13:02
/ manchestereveningnews.co.uk
Martin Lewis has issued a warning for motorists over soaring car insurance costs.
Posting on X, formerly known as Twitter, he warned that car insurance prices have risen by a "shocking" 41 per cent. Similar data from moneysavingexpert.com states that home insurance has risen by 26 per cent - both types of insurance are predicted to continue to increase in cost.
The finance expert is urging people to use comparison tools to check if they can get a better deal on their insurance. MoneySavingExpert.com's car insurance tool can show customers whether they are overpaying.
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The wesbite urges: "Take a few minutes to check if you're overpaying. If you are, even if you're not near renewal, you may be able to lock in a price to forestall future increases for a year."
Mr Lewis also claims that getting quotes for car insurance renewal around three weeks before it is due may result in a cheaper price.
The expert's warning comes after complaints to the Financial Ombudsman Service (FOS) were revealed to reach a five-year-high which the Association of British Insurers (ABI) raised concerns over. Between April and June 2023, the FOS received 3,869 complaints about car and motorcycle insurance, alongside 1,776 building insurance cases.
The ABI released its latest insurance premium tracker in August and found that the average price paid for motor insurance had surged by just over a fifth (21 per cent), or nearly £90 in cash terms, annually, reaching the highest levels since records started in 2012. Meanwhile, the average premium paid for private comprehensive motor insurance in the second quarter of 2023 was £511.
The Association said earlier this