Martin Lewis warns of 18% car insurance overcharges

Martin Lewis, a well-known money-saving expert, has warned drivers that they might be overpaying for car insurance. He stated that if your renewal quote is the same as last year, you could be paying 18% more than necessary. In early 2025, car insurance costs dropped significantly, marking the largest decrease in a decade. Many people might be misled into thinking their renewal at last year's price is good news. However, Lewis pointed out that it could be a sign of overcharging due to the market decline. Speaking at the Ideal Home Show in London, Lewis emphasized the importance of shopping around for better deals. He advised drivers to use comparison websites to find the best rates instead of automatically renewing their policies. If customers are satisfied with their current insurer but find a cheaper option, he suggested using that information to negotiate a better price. Martin also introduced a tool from his website, MSE, called Comparison+, which can help consumers find better rates more easily. He urged everyone to carefully assess their current insurance cover and the terms of any new offers before making decisions. The Ideal Home Show runs from March 21 to April 6, offering more financial tips and insights.