Martin Lewis Issues Advice For Car Owners During The Coronavirus Pandemic
Martin Lewis has issued his latest tips on how to save money during the coronavirus pandemic, especially if your car has been sat redundant on your drive.
For many motorists, the main reasons to use the car before lockdown were to travel to and from work or to visit friends and family - and under current guidelines many of us are unable to do either of those things.
But while many cars have essentially been sitting there useless, many of us have still been paying for tax and insurance.
But The Money Expert himself has given advice on cancelling your car insurance. As reported by Birmingham Live, he warned that this advice was dependent on the extent of lockdown, saying: "The difficulty is we don't know how long lockdown will last.
"If it's just weeks, this would be a faff for a small saving."
But he went on to say: "Yet if you don't think you'll drive much anyway, even when the rules relax, then for example, if you've two cars and are only likely to use one, it could save you cash.
"Though do remember if you've no car insurance, your car isn't covered for damage or theft."
Martin also said that people can request payment holidays from Wednesday 13 May.
He said it applies to car instalment payments, saying: "The Financial Conduct Authority has announced proposals, likely to be rubber stamped this week and in place by next Wednesday, that mean people can get several things."
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These include payment holidays for between one and three months on request and applies to those paying monthly insurance and struggling financially because of coronavirus.
Remember though - even if you aren't driving at all due to lockdown you'll still need to have car insurance unless your vehicle is kept on private land and has a SORN.
Insurance company Admiral proactively announced at the end of April that it was to give customers a £25 refund due to the disruption caused by the coronavirus pandemic.
It is the first major UK motor insurer to take the decision to offer the refund after confirming that it would be returning £110m to its policyholders.
This will mean £25 for every car and van that the firm has covered as of 20 April, which equates to some 4.4 million vehicles.
According to reports, the money will be sent directly to customers' accounts by the end of May.
Announcing the move, Cristina Nestares, the chief executive of UK insurance at Admiral, said that they were using the money they would have spent on claims to pay customers back.
She said: "This is an unprecedented time when people across the country are driving significantly less than before the lockdown, and we expect this to lead to a fall in the number of claims we are seeing.
"We want to give the money we would have used to pay these claims back to our loyal customers in this difficult time."
Featured Image Credit: PA