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Martin Lewis warns car insurance prices set to rise again
Lewis said renewal rules can block cheaper online offers, with car insurance prices about 20% to 25% lower than two years ago.
- Consumer expert Martin Lewis warned drivers that they may be overpaying for insurance, revealing that cheaper deals found online do not always apply to renewals.
- Lewis explained that existing customers are protected within a channel, but he added a critical limitation: "If you go to a brand new comparison site that wasn't where you got your existing policy, the law doesn't apply."
- At the Ideal Home Show in London, Lewis noted that insurance prices have dropped about 20 to 25% over the last two years, but he warned: "They are about to start rising under most predictions."
- Global pressures could drive costs higher, with Lewis stating: "Because of what's going on in the Middle East, knock-on inflation, costs feed into everything." Shocks often impact insurance pricing regardless of your driving.
- Shopping around remains recommended, as different comparison sites offer different pricing rules; you cannot assume your renewal will be cheap, as Lewis advised: "You have no legal right to reclaim the difference.
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