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This Martin Lewis hack could save hundreds on your car insurance bills

The Money Saving Expert knows how to drive down costs

Everyone has to have it – but car insurance can be one of the biggest costs in keeping a car on the road.

But if you’ve got more than one vehicle in your household, Money Saving Expert Martin Lewis says you could be paying thousands too much by not having a multi-car policy.

However, according to his Mirror Online column , you could also be saving thousands of pounds by NOT having one.

Confused? It’s no wonder. Here’s what the financial guru had to say: “There’s no law as to when it’s cheaper, but I have come up with a rule of thumb.

“Multi-car insurance really is Marmite. In a Facebook poll of 2,100 people, 40% with more than one car said multi-car won for them, 60% said separate policies did.

“The differences can be startling.”

Martin’s rule

Get the opposite quotes to what you’ve already got first.

This is the simple rule of thumb. If you’re at renewal and are in a household with more than one car, and you’ve got a multi-car policy, then start by looking for the cheapest separate policies for each car. If you have separate policies then start by checking multi-car insurance.

Frustratingly, you can’t use comparison sites to do multi-car searches (some look like they do, but they just forward you to one insurer rather than doing a comparison). So instead, you have to do this manually.

Try as many of these as you can stomach…

  • Multi-car policies: Here all cars are on one policy. The big name in multi-car is admiral.com which would always be my starting point, yet it’s not alone – both aviva.co.uk and lv.com are players in this area.
  • Multi-car discounts: Here you get a discount on the cost to insure each ‘additional’ vehicle. There’s morethan.com (15%), axa.co.uk (10%), esure.com (10%), privilege.com (% varies) and sheilaswheels.com (10%).

There are also a range of firms that, in one way or another, potentially offer those with multiple cars discounts.

Yet here the cars aren’t all in one policy. They are separate policies where you get a discount.

The best way to do this is to use a comparison site (see below) for each car and just keep a note of these firms’ prices for each vehicle.

Plus, as the discount is off each additional policy, insure the car with the cheapest premium first because you’ll usually get the discount on the next ‘additional’ (and subsequent) cars – and if they’re most expensive you save more.

This can be especially useful if one car is for a young driver, and far more expensive than others.

  • Multi-policy discounts: Here the discount is for getting an additional policy, eg. it could be a car policy and a home policy, but two cars also counts. Try directline.com (which is not on comparison sites) and churchill.com – the discount varies.

For individual cars just use a comparison site for each vehicle. Yet as they don’t search identical insurers, and can have different prices for the same firm, it’s best to do a few checks for a wider spread. Try confused.com , moneysupermarket.com , gocompare.com and comparethemarket.com

Source: Nottingham Post

https://www.nottinghampost.com/news/motoring/martin-lewis-hack-could-save-1362187

 

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