Martin Lewis issues drivers '23 day rule' and urges them to follow it

Drivers could secure massive car insurance savings by following a simple renewal tip previously backed by finance guru Martin Lewis. The BBC Sounds podcast host told drivers and motorists they should be renewing their car insurance policies and premiums "23 days" before their renewal date.

ITV regular Mr Lewis has been backed by Connor Campbell, an expert at Independent Advisor Car Insurance, who said in a warning this week: “The reason auto-renewals are so high could come down to many factors.

"It’s not necessarily that people aren’t exploring renewal options – it could be more so that the time in which they are searching isn’t optimal for finding the best deals. The ideal window for renewing car insurance is between one month and three weeks before renewal, as it can provide cheaper quotes all around.

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"If you were to leave this until closer to renewal, you could find a dramatic increase in cost. The increase in costs can be a result of car insurance providers trying to catch out customers who may have left their renewals until last minute.

“Similarly, providers may see you as a less responsible driver if you look to renew with only a day or two left on your premium, therefore pushing up the price of your cover. You may also fall afoul of changes in the market naturally driving car insurance prices higher.”

Speaking in March, Mr Lewis said: “The perfect time to get car insurance is 23 days before your renewal. That’s not for your renewal quote, that’s for going onto comparisons to get different quotes. It seems absolutely ridiculous but insurance pricing is all about actuarial risk.

"And what their risk shows them is the type of people who get car insurance early are a lower risk so they give them a lower price.”