Martin Lewis on new measure to save hundreds on car insurance

Martin Lewis has revealed how you can save hundreds of dollars on your car insurance thanks to a new government measure.

The financial guru appeared on the Martin Lewis Money Show last night and distributed viewers from home with some useful tips and tricks.

This included how you could make some money off your auto insurance during the coronavirus crisis.

Martin unveiled new government measures that could lower the price for drivers, especially as many Britons don’t travel as much as they normally would due to the lockdown rules.

According to the MoneySavingExpert, auto insurance customers can make one simple change from Monday, May 18 to save on their premiums during lockdown.

“We just learned that insurance vacation days start on Monday.” Martin said.

“The main change is when you ask them [insurance company] for a payment holiday, the first thing they will do is check your coverage to see if they can cut costs.

The Financial Conduct Authority has urged companies to help eligible customers, where possible, to reduce the impact of temporary financial problems and ensure that customers remain insured for their needs and requirements.

Part of the new directive states that companies should offer customers lower premiums if their risk is now lower.

Martin continued, “Say you don’t drive that many miles because you’re home now, so that’s a good thing.”

The FCA website states a statement, “It may be that the risk profile of some customers has changed due to coronavirus.

“For example, some auto insurance customers may no longer use their vehicle at all or use it for business purposes, and customers could potentially receive substantially lower premiums.”

Businesses should also consider whether there are other products that the company can offer that better meet customer needs, and review coverage accordingly.

The FCA adds, “It may be that a customer’s needs have changed due to coronavirus.

For example, a car insurance customer may no longer need additional coverage, such as statutory cost insurance, key coverage or other products, or may be moved from full coverage to third party fire and theft.

“There may also be companies that don’t need certain coverage for a period of time.”

Visit the Money Saving Expert website For more information.


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