Consumer champion Martin Lewis has issued a surprising “perverse warning” to car insurance holders, advising them to reconsider simply accepting their renewal quotes. Speaking on ITV1 and ITVX’s The Martin Lewis Money Show Live on Thursday, February 13, the founder of Money Saving Expert explained that while car insurance prices appear to have dropped, many drivers could still be overpaying when renewing their policies.
Lewis pointed out that car insurance prices have indeed dropped by 16% year on year. However, he stressed that despite this reduction, the current average car insurance price is still over £800—substantially higher than the £500 rate seen in 2021.
