Martin Lewis Reveals How You Can Halve The Cost Of Your Car Insurance

From the mouth of Mr Money himself, this could save you an absolute fortune on your car insurance!

Written byBen Hayward
Published on
Read time5 min read

It’s well known that as a new driver, even if you’ve passed your test and have access to a car, it’s the insurance premiums that’s gonna get ya. 

With many young drivers having to pay out thousands (the average premium for young drivers is an eye-watering £1,783) to be insured on the roads, it can be one step too far for many. 

But it turns out there could be a way for you to slash those premiums after all - and of course it had to be Mr Money himself Martin Lewis dishing out the valuable advice.


Speaking on the Martin Lewis Money Show, the 47-year-old said: "Cutting car insurance costs is less about common sense and more about small changes in your behaviour that can bring big price swings."

Should I Auto Renew My Car Insurance?

This is a hard no.

Lewis’ first bit of advice was to warn drivers to be on their guard against auto renewals, which often bring with them a significant price hike.

According to the man himself: “Auto renewal is a money-saving sin, and you shouldn't do it."

When Should I Renew My Car Insurance?


Well it turns out that timing your renewal could be key. Lewis points out that the price of your premium will often drop between 35 days and 21 ahead of your renewal, before rising again.

He says the optimal window is 20 to 26 days before. "It's all about the date when you get your renewal - 21 days beforehand. It's not an exact science, but it shows how timing it can make a big difference for everyone.

"When it comes to car insurance, be the early bird who catches the worm."

He points out that although this may seem like it’s just about renewing, it's not. It’s actually about the image you give to potential providers, with people who purchase their insurance at the last minute seen as being bigger risks by the providers!

What Can I Change To Bring Down My Car Insurance Price?


Another hint Lewis has, which he himself admits may seem ‘counter-logical' is to change where you park your car - the example he gives is that parking in a garage may actually cost you more than parking on the drive! 

This is because providers may think you’re more likely to bang your vehicle when getting in and out of tight spaces. 

One of his viewers tweeted: "My insurance company wanted £150 EXTRA to park in my underground, remote controlled garage! Park it on the narrow MAIN ROAD and boom, huge saving!”

According to Lewis, this is based on ‘actuarial risk’ which is when insurers compare how many people have claimed and what information they put on their applications - ie what the majority of other drivers have claimed for.

What Type of Car Insurance Cover Should I Get?

Another thing that may actually save you money is going for comprehensive cover as opposed to third-party fire and theft policy, which can often work out cheaper as providers view you as a lower risk.


Adding an extra driver can also cut your costs, and is an especially useful tip for younger drivers - so get your mum on that policy!

However, you should definitely not add them as the main driver, an illegal practice known as ‘fronting’ - which is a type of insurance fraud.

If caught, you could face a criminal record, plus six penalty points on your licence, an unlimited fine, and an invalid policy, so one to be avoided!

Should I Use Comparison Sites To Find The Best Car Insurance Deals?

It's a resounding yes from Martin on this one. He says you should use as many comparison sites as possible as different insurers have deals with different sites, meaning it could cost you more or less depending on which one you use.

And you're in luck! Check out our current deals on car insurance for great discounts and deals:

  • Money Super Market - £20 Gift Card when you sign up for car insurance via MoneySuperMarket.

  • Go Compare - Get a BRAND NEW QUOTE and purchase a policy from Go.Compare to qualify for a £40 Amazon Gift Card.

  • - Complete a quote and purchase a car insurance policy through to be eligible to claim a £15 Amazon gift card

For even more tips and tricks on how to get cheap car insurance - and to find out which cars are cheapest to insure - check out our blog: Cheapest Cars To Insure UK 2023

Good luck! 

Bringing you savings on the important things in life - from insurance, to breakdown cover to tips and advice on how to save your precious pennies, be sure to check out the Home and Finance section of the brand new TOTUM Talks content hub!

NOTE: This article contains affiliate links, which will earn the site a commission if the product is purchased.

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