Martin Lewis is urging anyone who owns a car or house to do one thing ASAP

Money Saving Expert Martin Lewis has issued a warning to anybody who owns a home or a car in the UK.

He’s said the change will affect millions of people, so the sooner you can check if you’re affected, the better.

The major new rule change will come into effect at the start of 2022 and will see an ‘end to loyalty premium’.

The Money Saving Expert said this means insurers will be banned from charging renewing customers more than new ones.

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Martin alerted viewers to the new rules from the Financial Conduct Authority on his ITV programme The Martin Lewis Show Live.

New and existing customers will be charged the same amount for their car insurance, however, Martin predicts prices are likely to jump up in the short term, reports Lancs Live.

From January 1, insurers must prove they charge new and existing customers getting insurance via the same ‘channel’ the same price, including vouchers or cashback.

Martin advised people to check now if you can save yourself money, even if your renewal is six months away.

He said that the ‘sweet spot’ for insurance renewals is 23 days before it is due. This is when the best deals can be expected.

Martin told the show: “Even if your renewal is months away go and spend a little bit of time. Go and see what the cheapest quotes are.”

So, even if you’re not due for renewal – check now if you can save money on your current car insurance deal.

Here are his top tips to save money on insurance:

Eight steps to speedily find your cheapest insurance

  1. Check at least two comparison sites. That’s because they don’t all include the same insurers, and even when they do, they can have different prices
  2. Compare that to Direct Line and other deals comparisons miss. Biggie Direct Line isn’t on comparison sites, but is often worth checking.

  3. More than one car in the household? See if a multicar policy is cheaper (you can’t do this via comparison sites).

  4. Three counter-intuitive checks to make. It’s all about trial and error. If price is key, check if comprehensive is cheaper than third party. See if adding a responsible extra driver cuts costs. Use the Job Picker to see if tweaking job description cuts costs.
  5. Check if you can get cashback. Cashback sites can give up to £80 after you’ve found your winning policy (always do it that way round).
  6. Want to stay where you are? Haggle. Take the best price you’ve got to your existing insurer and see if it’ll match it.

  7. Struggling to find affordable cover? Try a broker. If a string of claims, a medical condition, or points on your licence are stopping you finding cover, comparison sites are unlikely to be great. So try to enlist a broker who may be able to get you more personalised cover.

  8. Always check the policy is right for you (and complain if a claim’s unfairly rejected). Try to read at least the policy summary before signing up, and ensure insurers are regulated by the Financial Conduct Authority

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